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USD/JPY edges lower so far today

The USD/JPY looked set to close last week above 157, but comments from a top Japanese currency diplomat, Masato Kanda pushed the dollar back just ahead of the European close. The dollar had reached a rebound high prior to that at 157.15. It later closed in the US at 156.99 after dropping back to around 156.85 on those MOF comments. Kanda basically said the MOF/BOJ stand ready to counter any disorderly moves at any time. Of course the push higher in US yields last week was the major driver for the push back above 157 ahead of the weekend. Overnight the Governor of the BOJ, Ueda has been talking and his comments might have helped to push the USD/JPY back from an earlier Asian session high at 157.04. The low seen ahead of the European opening has been set at 156.67. It is a US holiday today (Memorial Day) and that means the US bond futures markets are closed. That has dampened traction for the dollar so far, despite the Nikkei posting modest gains today. The USD/JPY is currently trading at 156.78

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