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USD/JPY clinging to 156 in Asian trading

Yesterday the USD/JPY fell foul of the US ISM report. Perhaps spuriously the dollar had already fallen back quite steeply well ahead of that release, as covered here in an update at the time- make of that what you will. Anyway, the disappointment from the miss on the ISM index later pushed the USD/JPY back towards and actually below the 156 handle, right on the 4pm London Fix. The low seen was set around 155.95 and the dollar later closed in the US at 156.08. That close was below its 21 day moving average (now around 156.20). Earlier today the dollar lifted from a Tokyo low at 155.99. to a high at 156.49. However, ahead of the European opening the USD/JPY is drifting lower again, currently trading 156.14 and there is no doubt here; that the drop in US yields (albeit modest) since this time yesterday has been the major driver behind the fall in the dollar
 

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