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Marginally Firmer Start, Bulls Remain In Drivers Seat

JPY

USD/JPY prints at ¥137.70/80, the pair is ~0.2% softer in early dealing.

  • US Debt Ceiling headlines dominated flows on Friday. USD/JPY scaled back from session highs of ¥138.75 to deal below the ¥138 handle as US Treasury Yields came off session highs after reports crossed of GOP negotiators walking out of talks. The pair ended Friday's trade down ~0.5%.
  • Despite Friday's fall USD/JPY maintains a bullish tone, having extended through resistance through the highs from May 2 and Mar 8 last week. Resistance comes in at ¥138.75 the high from May 18, support is seen at ¥136.31 low from May 17.
  • Core Machine Orders from March is the only data scheduled to cross today, a Y/Y rise of 1.4% is expected.

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