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Brief USDJPY Downtick As Pair Breaks Out Of Narrow Daily Range

JPY
  • USDJPY springing to life with a small downtick to print fresh session lows at 154.26. The move likely driven by a breach of the overnight lows following an extremely tight trading range on Wednesday. Relatively low volumes support this theory and the move is much less aggressive than yesterday's sharp selloff during US hours, exacerbated by markets speculating over potential MOF action.
  • Overall, the USDJPY uptrend is overbought, however, this is not - for now - a concern for bulls. Sights are on the 155.00 handle next. Support lies much lower at 152.00 and 151.84, 20-day EMA.

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