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USD/JPY fails to hold ISM led gains towards 156.50

Yesterday the USD/JPY reacted positively to the much better than forecast service sector ISM report. That reaction was consistent with a move higher in US yields following that data and the dollar lifted towards 156.50. The high seen came ahead of the 4pm London fix, but the dollar subsequently drifted lower after that and into the US close, where it later ended the session at 156.11. Overnight the USD/JPY fell back and that drop set an earlier low at 155.37 following official comments regarding a potential reduction in the BOJ bond buying program. The further fall in US yields did not help the dollar either. The US 2 year yield fell back to 4.72% earlier. The dollar has rebounded off that low now though as those yields steady. The high since that earlier low as been set at 155.95. The USD/JPY is currently trading at 155.83

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