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JPY Surge Extends, Narrows Gap With Key USD/JPY Support

JPY
  • Flight to haven currencies continues to favour the JPY, with USD/JPY pressing to a fresh session low and narrowing in on first key support at the 132.47 50-dma. Slippage through here opens levels not seen since early February and would mark a 50% retracement for the Jan - Mar upleg post across 2023.
  • GBP/JPY also narrowing in on the same mark - a break of 160.00 would be the first since mid-February

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