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157 caps USD/JPY again allowing EUR/USD to eye session highs

Earlier this morning the USD/JPY came very close to trading at 157 once more. In the event, the potential for offers in place there seems to have stunted the move again. The high seen was set at 156.99 and now the dollar is tracking lower. That has has helped the EUR/USD to edge close to session highs (1.0880) just now, as the EUR/JPY remains elevated and so the EUR/USD has some scope to edge higher, as the USD/JPY slips back. This is entirely a cross related price discovery dynamic and not anything directly connected to pure demand for the EUR/USD. Hence, as things currently stand, it looks like the EUR/USD will only test the 1.09 handle, if that move lower in the USD/JPY extends further. The EUR/USD is currently trading at 1.0878
 

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