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Major Yen crosses feeling the heat as USD/JPY falls extend even more

There has been no let up in the rise of the Yen so far this morning. The USD/JPY has now fallen below 145.50  and delivered a slide of more than 200 points below the earlier session high. That has really damaged the major Yen crosses too. The GBP/JPY has now fallen close to 182.50 and the EUR/JPY is dropping towards 156.50. The GBP/JPY closed in the US last night at 185.02 and the EUR/JPY closed at 158.57, so you can see now, just how much those have been impacted by this Yen rise. The drop in the USD/JPY also underscores what I said some while back, about the mother of all double tops being set in place at 151.95 and 151.91. So, as you can see, there is now a risk of the USD/JPY falling below 145.07. This was a level noted here a week or two back and if that gives way the whole upside trend for the USD/JPY will seem to have run its course. I cannot say for sure, but it might be possible to see further stops kick in, if 145.07 gets taken out. The USD/JPY is now not far above that level, currently trading at 145.15

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