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Japanese Yen Recovers As Equity Indices Give Up European Gains

JPY
  • USDJPY fell a quick 65 pips from the US equity cash open, coinciding with US indices given up the majority of gains seen throughout the European session. The pair hit a fresh weekly peak at 129.78 shortly after the bell, but briefly found itself within close proximity of the 129 mark.
  • Low of the day at 128.83 is the immediate short-term level to highlight before Monday’s low, residing at 128.70.
  • Bigger picture - the USDJPY outlook is bullish as the pair remains above 127.52, May 12 low. This level represents the first key support with key trend support unchanged at 126.95, Apr 27 low.

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