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Japanese Yen Continues To Recover As Yields Retrace

  • USDJPY weakness prevailing in recent trade with the pair briefly sliding back below the 133 mark. Despite some volatile price action at the open and a brief print of 132.82, the pair is yet to close the gap with last Friday’s close of 132.77.
  • Overall, trend conditions remain bearish with gains being seen as technically corrective to this point.
  • Markets will keep a close eye on the 50-day EMA that has been breached earlier today. The average intersects at 133.34 and represents a key S/T hurdle for bulls. A clear break, if seen, would alter the picture and suggest scope for a stronger recovery.

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