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Rebounds, As 10yr Yield Breaches 0.50% Again

JPY

USD/JPY has reversed course, from earlier highs of 128.20 we now sit back at 127.60/65, which is not too far from NY session lows on Friday (close to 127.45). The move above 0.50% for the 10yr JGB yield, despite further BoJ purchases, has likely been a catalyst for the turnaround. Market pressure continues ahead of this Wednesday's BoJ meeting. Near term focus is likely to rest on a test below Friday's NY session low in USD/JPY.

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