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USD/JPY Briefly Tops Y134.00

JPY

USD/JPY showed as high as Y134.05 in recent trade, printing the highest level observed since mid-March in the process (desks had flagged corporate supply protecting Y134.00 in recent days). Tuesday’s uptick in oil prices has added some pressure to the JPY, given Japan’s net energy importer status, while modest pro-USD gyrations in the U.S./Japan 2- & 10-Year yield spreads have also supported the cross early this week (with BoJ Governor Ueda’s well-documented remarks at the fore on that front). Although the technical trend direction in the pair remains lower, the breach of Monday’s high has strengthened the short-term bullish theme. Next resistance comes in the form of a Fibonacci retracement level (Y134.75), with bears needing to breach the April 5 low (Y130.64) to reseize control.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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