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USD/JPY Breaks Down Through July 21 Lows, Amid Broad USD Sell-off

JPY

USD/JPY has dropped below July 21 lows (139.75) and now sits in the 139.40/45 region (+0.60% higher for the yen so far). This is in line with broader USD weakness, amid yield pull backs and a firmer equity futures backdrop. Yen gains only trail higher beta AUD, NOK and NZD gains in the G10 space. In terms of downside targets, the July 19 low sits at 138.77. The 200-day EMA is at 138.60/65, while 137.25 the July 14 low is seen as key support.

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