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USD/JPY backs off after extending gains to 146.50

The rebound in the USD/JPY has extended further since my last update and it has traded as high as 146.50 now not that long ago. The move higher in the dollar is carrying the EUR/JPY and GBP/JPY higher with it. That means the GBP/USD has now risen above 184.25 and the EUR/JPY has reclaimed levels above 157.50. The driver behind all this remains as it was earlier; a pairing back in BOJ rate hiking expectations, following that earlier noted headline from BOJ sources. The further gains today remain corrective in real terms, but now the market seems to have been caught short on the dollar, having previously been ironed out in the the opposite direction last week. The USD/JPY is currently just backing off a little, trading right now at 146.36
 

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