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USD/JPY Looks to Finish Week at a High

JPY
  • USDJPY looking to finish the week on a high, with the pair very gradually creeping higher in recent trade to touch the best levels of the week (and best levels since late last year).
  • Moves come despite first comments from Japanese officials on the currency this week: the Japanese finance minister stated this morning that sharp currency moves are undesirable, and that the authorities are "firmly watching FX moves".
  • Pair last traded at these levels on November 10th last year - a session that saw the pair shed over 600 pips as the Japanese authorities intervened. High on that day was 146.59.
  • Technically, the USDJPY 14d RSI has now touched 74 - making the pair the most technically overbought since October last year.

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