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USD/JPY lifts from Asian lows reclaiming 148 this morning

Yesterday the USD/JPY staged a pretty impressive month-end rebound. The dollar lifted from an earlier Asian session low at 146.85 to a high ahead of the 4pm London fix, at 148.51. The USD/JPY subsequently closed at 148.20. Earlier today the USD/JPY dropped back to a low at 147.61 after the latest Japanese unemployment showed a slight fall, to 2.5%. However, the recovery in the Yen has not been sustained and the USD/JPY has bounced back since and risen to a session high so far at 148.26. The dollar here is still being supported by US yields, but the prospect of the BOJ moving monetary policy at the next meeting is something that is not to be discounted and that is also keeping the dollar south of 150 for the time being. The USD/JPY is currently trading at 148.16
 

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