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USD/JPY rebound extends to test 154

On Friday the USD/JPY fell to a low at 151.86 after the US jobs data hit the screens. The rebound that followed seemed to ignore the weaker than forecast US service sector ISM report in some respects, but not in others. You see, the prices paid element of that seemed to stunt the slide in US yields. That said if you look at the high point of the 2 year note last week, you see that was at 5.035%. The low seen on Friday was at 4.74%. So, that was fall of almost 0.30% on the week, from the top to the bottom and you can tie that in with the more than 800 pip slide in the USD/JPY in the same dimension. Of course the BOJ was really the driver for that, but on Friday the rebound in the dollar came as those yields based out. So, the USD/JPY lifted back above 153 and later closed out the week at 153.05. Overnight, the dollar has extended further and just now recovered back to test the 154 handle. That has lifted all the major Yen crosses too. The USD/JPY is currently trading at 153.92 

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