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Minor Uptick in Volumes Presses Pair to New Daily Lows

JPY
  • Fresh daily lows printed in USD/JPY headed through to NY hours, with USD/JPY extending losses on the break of the 50-dma. Price is now testing 140.16, the 38.2% retracement of the Jul14 - 21 upleg.
  • Futures volumes are more muted, with cumulative activity sitting below average for this time of day. Likely the case that markets are sitting on the sidelines ahead of the Fed decision later today as well as the BoJ meeting later this week. Slight uptick in volumes on the latest move lower, with ~350 futures contracts (cash equivalent of ~$31mln) easing prices to new lows. Nonetheless, total volumes are ~25% below average for this time of day.

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