USD/JPY struggling with 107.40, but more gains likely by Milan Cutkovic

Offers pre-107.40 have capped the topside once again and the pair fell back to 107.20. However, with the USD bid and equities performing well this week (S&P bouncing back above 1900, hit high of 1949 yesterday / Nikkei > 15.000), further gains seem likely. To the downside, Asia reported bids in good size around 106.80 from Japanese real money funds and importers. Stops seen through 106.70/75.

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