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Yen Atop G10 FX Pile

JPY

JPY sits atop the G10 FX pile on the broader risk-off dynamic outlined elsewhere, with USD/JPY a handful of pips lower on the day, printing ~Y113.55 at typing. The Dec 17 low (Y113.14) provides the initial point of technical support, while initial resistance is seen at the 61.8% retracement of the Nov 24-30 downleg (Y114.38). Most of this week’s local focus will fall on fiscal headlines re: the Japanese budget for the next FY, but that shouldn’t create much, if any, spill over when it comes to JPY price action. That will leave broader risk appetite at the fore.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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