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USD/JPY Sees Sharp Reversal Lower
USD/JPY broke to fresh highs back to 1990 (highs of 160.17) earlier, before pairing gains. The pair consolidated in the 159.00-50 region before dipping sharply this afternoon back sub 157.00 (lows of 156.61 at the time of writing).
- Catalysts for both the aggressive move higher and subsequent sharp pull back haven't been evident, although Japan markets are closed today, so liquidity is likely lighter.
- The recent pull back may spark intervention fears, although we haven't any headlines confirming this. Note post BoJ lows in the pair were around 155.00 on Friday.
- Broader USD sentiment has also softer, likely aiding yen at the margins.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.