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USD/JPY Sits Within Recent Ranges, Yen Loses Ground Against High Beta FX

JPY

USD/JPY was range bound post the Asia close. We drifted sub the 134.00 level on numerous occasions but found support (lows around133.90/95) and we last tracked near 134.25/30. Highs from earlier on Monday's session, just above 134.50, remain intact. The pair is still wedged between the 200 day (133.92) and 100 day (134.75) EMAs for now.

  • With US markets closed for the President's Day holiday, cross asset signals were muted. Yen was an underperformer against the rest of the G10 (except EUR).
  • AUD/JPY climbed nearly 0.60%, close to recent highs, last in the 92.80/85 range. The simple 200-day MA lurks on the topside at 93.085. The A$ outperformed due to rising commodity prices. Yen also fell against SEK and NOK.
  • Locally, there is preliminary PMI prints for February today. There is no consensus, with services (52.3 last), sitting at higher levels than manufacturing recently (48.9 last). Later on, machine tool orders for Jan (final print) are due.

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