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    USD/JPY: bulls committing despite risk-off environment Ross J Burland

    USD/JPY has found demand in Tokyo after a strong offer in early Asia with bids unable penetrate the 107 handle through the 100 sma on the 1hr sticks last week, opening with a bearish gap at the start of the week.Risk-off was the name of the game towards the end of last week's trade with USD/JPY falling from 107.16 and down to 106.58 unable to recover fully. Stocks were lead lower by oil falling away and US yields rising, despite the odds of a Fed hike next to nothing this week, and teh theme remains lower still in Asian equities at the start of the week. New poll from Opinium shows a huge lead for BrexitSpeaking of odds, Brexit fears are mounting and creating a scene in the FX space, with sterling battered both at the end of last week and in today's opening trade, down over a cent, likely to keep investors risk adverse as we progress at the open. The week ahead also comes with a number of risk events, including Japanese IP, BoJ and the Fed along with a number of key US data points. USD/JPY levelsAnalysts at Commerzbank explained that the focus has shifted to the 105.55 recent low and 105.40 2014 peak. "While we still consider these to be key support for the market, it is clearly going to take some time to recover, for now we suspect further weakness to test these supports and intraday look for rallies to remain capped 107.85/108.35." 

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