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USD/JPY holds 156 and rebounds and here is why
In the previous update the focus here was on the USD/CNH (Dollar versus offshore Chinese Yuan). At that time the USD/CNH had just reached a new 2024 high at 7.3390. Well, since then the dollar has jumped again and set a new 2024 high a moment ago, close to 7.3700 (7.3695 the high). The inference of that previous update was to note the impact further Yuan weakness might have on the Yen. Well, it is hoped you can see more immediately how that has played out right now. So, as the USD/CNH has jumped higher, it has taken the USD/JPY with it and just now the USD/JPY rebounded sharply too. Earlier the USD/JPY was testing the 156 handle (156.02 the low), but as the USD/CNH surged it sent the USD/JPY back above 156.75. Therefore, it is hoped the point about all this in the previous update was well made? The USD/JPY is currently trading at 156.76
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