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USD/JPY rejects a rise above 158 for the time being

Yesterday, as the US stocks continued to rise and later reach new records, US yields did not back off much at all. In fact they actually lifted a little more. So, that combination of higher yields and risk on helped to push the Yen lower. The USD/JPY came very close to reclaiming the 158 handle. In the event though, that level seemed to attract dollar sellers ahead of the US close. The USD/JPY topped out at 157.96 and later closed in the US at 157.74. The dollar has pressed a little higher again today, but so far that 158 level has proved elusive once again. The high seen today has been set at 157.90. That said, the US 2 Year yield has held the gains seen yesterday and it is currently at 4.76%. That is supporting the USD/JPY right now as it probes session highs, currently trading at 157.89

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