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USD/JPY stalls ahead of potential breakout level ahead of US sales data
Earlier this morning the USD/JPY pressed very close to the high seen last week, when it topped out at 158.26 on June 14. The high seen earlier this morning was set at 158.23. Another earlier update here suggested the S+P 500 and Nasdaq 100 indexes might look through the upcoming US retail sales data (due at 12.30pm GMT), so long as the Bond markets did not shift yields significantly higher. Well, it is of course not the same potential reaction, when it comes to the dollar and the USD/JPY. As usual that pair will be front and centre in any dollar reaction to the data and of course equally impacted by the bond markets and any, even small shift in yields. Perhaps it makes sense for the USD/JPY not to get ahead of itself until it sees what that sales data has to offer? That probably explains why there was no breakout earlier. The USD/JPY is currently trading at 158.13
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