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USD/JPY longs pared back some more in early European trade

Since an earlier update here, the USD/JPY has fallen further below the 155.50 mark and seems to have triggered some system based selling towards the 155 handle. The low seen so far has been set at 155.14. Of course the move lower in the USD/JPY has taken the likes of the EUR/JPY and GBP/JPY lower with it. This further unwind in dollar longs does beg the question; as to whether the correction from 151.86, to above 157 may have run its course now? There are some doubts about that still, because a massive payroll count from the US later today could shift it back up again. So, right now this looks more like a forced paring of dollar longs, just in case that data disappoints. The USD/JPY is currently bouncing a bit now though, trading at 155.37
 

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