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USD/JPY Slips Off Highs in Reversal of Fortunes

JPY
  • Sharp reversal in fortunes for JPY in recent trade, with USD/JPY edging off the session's best levels to return back below the Y111 mark. No headlines or news catalysts to drive here.
  • JPY lurch higher coincides with sizeable spike in JPY futs volumes, with just shy of 2,000 contracts changing hands inside 60 seconds at 1236BST/0736ET. That's around $225mln cash equivalent.
  • USDJPY rate now sits on 110.77 support (23.6% retracement of the week's range) and a break through here opens 110.57 and Friday high of 110.48.

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