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USD/JPY backs off from a spike above 149.50
Yesterday afternoon the push above 149 in the USD/JPY was covered here and eventually the dollar lifted above the 149.13 high it had set during the Asian session on Monday. That did lead the dollar a little higher, but in truth it was hardly a dynamic move. The USD/JPY reached 149.36, before later closing in the US at 149.31. Earlier today the dollar defied some higher than forecast Japanese PPI data, although that data did send the USD/JPY back down, to test the 149 handle. The low seen was set at 149.01 and since then the dollar has lifted to set a fresh interim high today, at 149.55, but it is backing once more as this update is concluded. So, right now it looks like a break either side of 149 and 149.55 could deliver an extension-we shall see on that. The USD/JPY is just now trading at 149.12
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