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USD/JPY slides towards 158.50 heading into the US PPI data
Just ahead of the June US PPI report the USD/JPY is falling back quite hard. The dollar was trying to get above 159.25 prior to that but the price action kept stalling and the subsequent fall is not necessarily suspicious or suggesting any intervention. It could be that earlier intraday longs have decided to square up ahead of that PPI data, in case it replicates, or even shows a further easing in US price pressure. If that is to be the case then probably long USD/JPY is not the place to be this afternoon, especially if the BOJ is also lurking to sell dollars into any weak US data, as indeed they did this time yesterday. The USD/JPY is currently trading at 158.62
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