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USDJPY has edged further lower this morning.....>

YEN
YEN: USDJPY has edged further lower this morning as it continues to trace out a
topping pattern. The pair trades at 110.66, off its lows but still weaker on the
day as bears defend the 55-DMA which is now key resistance. - The pair is
showing some signs of increased correlation with USTs, which have typically been
its main driver over recent years. 
- The yen is benefitting from a surge in real yields over the past few weeks,
which have risen sharply amid expectations of monetary tightening.
- There are no major news events scheduled to come out of Japan today,
suggesting that global events, in particular events in EM, will continue to
dominate price action. 

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