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Slide In Equities Boosting Japanese Yen, USDJPY Approaches Overnight Lows

JPY
  • The latest move lower for equities (KRW regional banking index through March 13 lows) and the lower front-end yields in the US are boosting the Japanese yen with the likes of USDJPY, EURJPY and AUDJPY now all down ~0.7-0.8% on the session.
  • While the crosses are pressing fresh intra-day lows, USDJPY is yet to breach the overnight lows at 130.42. Fresh short-term trend lows maintains the current bearish price sequence of lower lows and lower highs and now exposes a move to 129.75, the 76.4% retracement of the Jan 16 - Mar 8 rally.

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