Yen gains against the dollar

July 1, 2016

The greenback rose to an early high of 103.38, but failed to sustain gains above the 103 level, trading lower at 102.71. Data released earlier showed that Japan's May CPI came in at -0.4 percent y/y versus consensus -0.5 percent, while the BoJ Q2 Tankan Large Manufacturing Index rose to 6, surpassing expectations of 4 and previous 3. The major will be drive by broad based market sentiment, ahead of series of U.S. economic data. Immediate support is seen at 102.36, break below could take the pair till 102.17 /102.00. On the upside, resistance is located at 103.49 (10-DMA), break above targets 104 level.

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