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USD/JPY To fresh November Lows

JPY

USD/JPY has broken to fresh Nov lows in early Wednesday trade, last near 147.00, up 0.30% in yen terms since the open. This is a continuation of the moves seen in US trade on Tuesday, as dovish Fed speak weighed heavily on US yields.

  • Cross asset moves have been muted so far in Wednesday trade, with steady US Tsy and equity futures. Broader USD moves have been softer though, with the USD down against all the majors.
  • A break sub 147.00, could see 146.48, trendline support drawn from Mar 24, tested.
  • Note in the option expiry space for NY Wednesday cut: Y148.00-15($2.1bln), Y148.50($926mln), Y149.00-05($1.1bln).

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