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With topside gains contained ahead of....>

DOLLAR-YEN
DOLLAR-YEN: With topside gains contained ahead of the 100-hma, a close below the
55-dma on Friday continued the downward trend into Asia on the back of renewed
pressure in Turkey. Risk averse markets saw the safe-haven JPY benefit via the
crosses, adding fresh weight to the majors. USDJPY touched extended pullback
lows of Y110.11, option-related demand is noted today through Y110.00/05
(Expiries $1.33bn), a break opens the 200-dma & weekly cloud base at Y109.95/83.
EURJPY slipped to Y125.15 bringing the YTD low at Y124.62 into view. GBPJPY
printed 12-month lows of Y140.40, CADJPY comfortably holds below the 100-dma
(Y84.62), last Y83.83.    

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