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JPY: Off Highs But Still Afloat


GBP/JPY still on the front foot, last +74 pips at Y138.32, although it has ebbed off its initial highs and moved into last Friday's range. Sterling remains the best G10 performer, owing to the decision to delay Brexit talks deadline.

  • Meanwhile, the yen has been limited by the initial risk-on impulse, linked to optimism re: U.S. fiscal matters & imminent Pfizer Covid-19 vaccine rollout.
  • The rate failed to make headway beyond the 50% retracement of the Sep 22 - Dec 4 rally at Y136.88 last Friday and backed off there, trimming intraday losses. A rally through Dec 9 high of Y140.33 would allow bulls to take aim at Dec 4 high of Y140.71. On the flip side, a fall through aforementioned retracement level/Dec 11 low at Y136.88/80 would bring the 200-DMA at Y135.62 into play.

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