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USD/JPY Edges Off Highs as US Yields Erase CPI-Driven Move Higher

JPY
  • In first real price action in the pair of the day, USD/JPY drifts lower through the US open, briefly touching a pullback low at 150.23. Ranges, volumes and price action remain limited at this stage, with the pair still comfortably inside yesterday's range.
  • Decent uptick in volumes across currency futures on the JPY move, with just over 1,100 contracts trading inside 60 seconds ( ~$92mln cash equivalent ) - making for a likely order-driven move in the pair.
  • Treasury yield slippage likely helping, with the 10y yields edging below yesterday's lows to print 4.162% - the lowest since Feb13 and thereby erasing the Jan CPI-driven move higher for yields.
  • USD/JPY support seen scant into 149.84, but seen stronger into 149.21, last week's low in the pair.

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