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USDJPY Recovering In Recent Trade, Bounces Full Point From 132.03 Lows

FOREX
  • USDJPY moving higher in recent trade as US 10-yr yields rise back to pre-CPI announcement levels and curves remain steeper. The pair now roughly a full point off the day’s lows at 132.03.
  • In similar vein, EURUSD topside momentum has been halted and the pair now trades back towards 1.0300 after topping out at 1.0368. The move briefly tested above the channel top at 1.0352. This key resistance matches closely with the 1.0341/50 (Jan 2017 lows) horizontal breakdown level that was breached in July this year and a close back above here would be a bullish development.
  • With major US equity indices remaining close to the highs, less of a pullback has been across the likes of AUD(+1.75%), NZD(+2.00%) and CAD that remain closer to their best levels of the day against the greenback.

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