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USD/JPY Creeps Higher on Light Volumes, Sees Equity Support

JPY
  • With equities firmer through the open (e-mini S&P already clearing the Monday & Tuesday highs in early trade), USD/JPY is seeing some more support, tipping the pair to new daily highs at 145.48. As mentioned above, next resistance levels at 145.97/146.28.
  • This keeps JPY as firmly the poorest performer on the day, however mediocre currency volumes persist, however, with JPY futures activity still lagging what you'd expect to see at this time of day. Price action elsewhere in G10 is more muted, with GBP/USD, EUR/USD and others comfortably inside the week's range so far.
  • Spot gains pushing the pair clear of solid options interest rolling off at today's NY cut in 15 mins - with $1.9bln rolling off at Y145.00 today, as well as $2.9bln between Y144.00-50.

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