DOLLAR-YEN: Retreat from atop Y85.00 area extends to Y84.30 as earlier
noted macro account sales, said to be $750 mn, are exacerbated by the
retreat in risk trades as the non-mfg ISM data pricked the bubble of
euphoria that grew in the wake of recently upbeat US data. That said,
move atop Y85.00 will have some slower responding model accounts thinking
about trimming dollar shorts early next week, one trader explains,
though others that saw stops filled around Y85.00 may now be thinking of
reinstating those dollar shorts now that the pair has failed to hold
higher ground. Either way, a lot of pain inflicted in this pair and
euro-yen on the day, traders say.
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