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USD/JPY holds 150 at the first time of asking

Yesterday the dollar got hammered and as reported, even the USD/JPY came under pressure, but in relative terms it held up quite well. That allowed further gains to unfold in the EUR/JPY and the GBP/JPY, but more on those later this morning. The USD/JPY dropped to a low at 150.16 later yesterday evening, from an earlier session high at 151.78. On Monday the USD/JPY had come to within a whisker of reaching the 2022 high, at 151.95. The high seen was set at 151.91. Now, given that the dollar has stalled where it did and now fallen back, this does offer the prospect of a potentially massive double top on the daily and weekly charts. That seems more likely than not right now and it could be crucial for the price action in the USD/JPY going forward. The range seen so far today has been covered by 150.29 to 150.79. So, as you can see the dollar has managed to hold that 150 handle and rebound, which has once again fed into the major Yen crosses, delivering further upside. The USD/JPY is just now trading at 150.62

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