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USD/JPY still knocking on the door of 155 as Nikkei 225 rebounds

As noted earlier this morning, the fall in the dollar yesterday did not extend to the USD/JPY. So, the positive risk dynamic ensured the Yen weakened with the dollar yesterday afternoon and it has so far today too. That has delivered a new 34 year high for the USD/JPY a short while ago, at 154.88. This has all led to gains for the likes of the EUR/JPY and the GBP/JPY. The EUR/JPY has lifted to its highest level since 2008 today (165.85) and the GBP/JPY has tested the 193 handle. So, none of this Yen weakness will please the BOJ for sure, especially given the relapse in the wider dollar so far this week. The one thing that is also driving this is the jump in the Nikkei 225 today, That positive correlation between the USD/JPY and the Nikkei is something that has not really changed for many years now and it remains at the consternation of the Japanese Central Bank. The USD/JPY is just now trading at 154.88, as we wait to see, if that 155 level is the line in the sand for the BOJ
 

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