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Underperforming, Dec 14 Low at 134.54 Within Striking Distance

JPY

Yen weakness has continued, now off 0.60% since the open, comfortably the worst performer within the G10 space (CHF the next worst at -0.15%). USD/JPY is now at 134.30, just off session highs of 134.40. The pair is eyeing Dec 14 lows at 134.54 as next upside resistance. Beyond that the 20-day EMA sits at 135.39.

  • Headline flow has been light, with the earlier BoJ Opinion Summary pushing back on any policy shift the main highlight for the day.
  • US cash Tsy yields are higher, but haven't seen any fresh upside from earlier in the session. Yield differentials are moving back in favor of the USD, which is likely helping USD sentiment at the margin.

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