
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After all is said and done on Yen demand after CPI, rate returns to closing levels and reverses into early New York to trade near the highs. Equities continue to drag on the pair but support appears sold on the dip to 106.50 area. Rate is ready to test the size of offers at the 108.00 area and beyond in my view, highs in the 107.90 area remain the challenge for the pair. More stops beyond above 108.50 in large size traders say. Overnight dip was bought with good volumes traders say and pair likely to extend gains again today further if oil drops and equities rally. Exponential reversal signal still valid, expect more two-way action and a test of the highs. Stops are likely building over the 108.20/30 area; first look this week may create some whipsaw. Look to cover longs on a rally over the 108.25 area.
Data due Monday: All times EASTERN (-5 GMT)
7:30pm JPY Overall Household Spending y/y
7:30pm JPY Unemployment Rate
7:50pm JPY Retail Sales y/y
USD/JPY Daily
Resistance 3: 108.80
Resistance 2: 108.40/50
Resistance 1: 107.90/108.00
Latest New York: 107.39
Support 1: 106.50
Support 2: 106.10/20
Support 3: 105.80
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