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JPY: JPY Momentum Picks Up Through Local Japanese Close

JPY
  • JPY strength picking up pace through the European open, with USD/JPY at new lows - but perhaps more notably EUR/JPY back through the 50-dma support (a level that's held on a closing basis since December last year). Next downside level of note is the 170.00 support and last week's lows. 
  • No specific headline or news driver behind JPY strength so far, but a notable pick up in volumes across currency futures at 0702BST, 0709BST will have helped the move. 
  • The move is filtering through into other pairs, with modest USD weakness now noted more broadly across G10. 

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