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USD/JPY Making Headway Above Y116.00

JPY

The combination of buoyant Japanese equity markets, a generally firmer dollar in the G10 FX space, an uptick in oil (the level of Japan’s dependence on energy imports leaves it particularly exposed to crude price dynamics) and Tokyo fix-related demand in the cross has pushed USD/JPY higher on Thursday. The rate last prints ~35 pips firmer on the day, sitting at Y116.16, just shy of its session peak. A reminder that meaningful resistance is located at the Feb 10 high/Jan 4 high & bull trigger (Y116.34/35).

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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