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USD/JPY not yet backing off much at all today
Following on from the previous update, noting the new 9 year high in the GBP/JPY, the USD/JPY is still close to session highs this afternoon. The high set so far today has been at 150.73. That is within striking distance of the current 2024 high at 150.89 reached on February 13. The fact that the BOJ earlier today did make a historic move with its interest rates has not helped the Japanese currency at all. That does beg the question; as to whether the USD/JPY can now take out the current longer term double top at 151.95 and 151.91, set over the past couple of years. Perhaps we have to see what the Fed might deliver tomorrow evening before we can answer that. The interesting thing to note right now; is that US yields are a little lower today, but seemingly that is not of any consequence as far as the price action in the USD/JPY is concerned. The USD/JPY is currently trading at 150.67
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