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USD/JPY grinding ever closer to 150

The move higher in the dollar since the end of the month on Friday has extended a little more and in particular that concerns the USD/JPY. The USD/JPY closed in the US last night at 149.86. The dollar had closed out the month and the quarter on Friday at 149.37. The new year to date high this morning has not long ago been set at 149.89. Now of course the 150 handle remains a key psychological level and one that might attract official, or non-official selling interest. That remains to be seen though. The continued push higher in US yields (notably the 10 Year note) is still the driving force behind the dollar. That has seen the 10 Year yield touch 4.7% this morning. All last week we had further rhetoric and jaw-boning from Japanese officials and it has made no difference and it will not, unless the BOJ decides to physically step in. The range seen so far today has been covered by 149.79 to 149.89. It is just now at 149.89
 

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