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USD/JPY edging higher towards 157.50 this morning

The Yen is on the back foot slightly this morning. The dollar is edging back towards the 157.50 level and that gain has been helped by the usual positive correlation between the dollar and the Nikkei 225 this morning. The Nikkei is higher and that is underpinning the dollar, as is the slight up-tick in US yields. As noted here many times last week, the next level on the USD/JPY could be at 158.20 (76.4% of the fall from 160.17 to 151.86). The USD/JPY had closed out the month in the US on Friday at 157.31. The range seen so far today has been covered by 157.00 to 157.47. The USD/JPY is trading right now at 157.41
 

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