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USD/JPY Tests Wednesday Lows Sub 131.00 Before Stabilizing

JPY

USD/JPY is tracking lower in the first part of trade, testing sub 131.00 before recovering somewhat. We hit a low of 130.98, but now sit slightly higher at 131.10/15. Note we opened close to 131.45, so we are around +0.25% stronger in yen terms from Wednesday closing levels. A break sub 131.00 will have the market targeting a move towards Monday session lows near 130.50.

  • There doesn't appear to be a fresh catalyst for this downside move, but a continuation of theme from the NY session around USD weakness and a pull back in US yields. We sit slightly higher for US yields in the first part of trade today, the 10yr last near 3.47%.
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