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USD/JPY drops back towards 151.00 allowing EUR/USD and GBP/USD to rebound

The USD/JPY has fallen back to test 151 in recent trading and the move lower is being driven by gains in US bonds. That is to say that bond yields are lower, by around 5bp in the 10 year note and  by around 3bp in the 2 year note. As mentioned before, these days that is enough to shift the USD/JPY dynamic, especially given where the price is right now. The other thing that has probably helped to push it lower, is the stalling of the price action above 151.50 for most of the European morning. The fall in the USD/JPY has also helped to lift the GBP/USD and the EUR/USD. The Pound has fared best of those two in relative terms because the earlier fall below the 200 day moving average in the GBP/USD has now been reversed to above 1.2625 a moment ago. The low seen on the USD/JPY was just set at 151. 01. It is currently trading at 151.10

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