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USD/JPY +50pips From Lows

JPY

USD/JPY rebounded into the Tokyo fix. After hitting a low of 132.17 earlier we are now back to 132.60/70 region. The tone to US Treasuries has turned slightly more offered, with 0.4-1.7bps yield gains across the curve. The 5yr segment is leading from a yield standpoint. Yen is back to the weakest performer in the G10 space as a result. Note the 132.80/85 region held prior to the weaker ISM print from Monday's NY session, so this level may be watched on the topside if we see further upside momentum.

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