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USD/JPY backs down once more even as US yields rise

There was no official US close last night, but on the value date window the USD/JPY was trading at 149.56. It has fallen back from there this morning, after reaching an earlier high at 149.71. The low seen so far has recently been set at 149.20. Hence, the dollar is now back underneath its 50 day moving averages which is now in place at 149.63. Asian stocks are mixed today, with gains in Japan being offset by losses in China. Once again it is the Hong Kong markets that are leading those. The drop back in the USD/JPY comes even as US treasury yields are higher this morning, which is a little perplexing and as such means this immediate USD/JPY could soon reverse higher, if that dynamic remains in place. The USD/JPY is just now trading at 149.29
 

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