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US yields push USD/JPY closer to 158 but keep an eye on US stocks

Since the last update here noted the further gains in the USD/JPY and corresponding rises in the likes of the EUR/JPY and GBP/JPY, both those crosses have made further progress since then. The GBP/JPY has had a look above the 200 handle once more and the EUR/JPY is trading right now, back above 169. So, the USD/JPY has reached a new session high not that long ago, at 157.94. It is off that high a little now though. The driver for this further rise in the dollar is surely due to US yields pushing a little higher, but without doubt the rebound again in European stocks must have play a role in that too. That is because it has delivered no further risk aversion to push the Yen higher again yet and those higher yields have clearly helped the dollar. The US stock markets are just now reopening and the USD/JPY is currently trading at 157.86 

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