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USD/JPY volatility increases as Yen shorts run for cover
The price action in the USD/JPY since yesterday has been extreme and has led to some very unpredictable moves and swings since my last update here. The USD/JPY melted later yesterday afternoon, after the 4pm London fix. The dollar sank in a vertical move from above 144, as low as 141.71. It did rebound again and back above 144 into the US close, at 144.13. However, another relapse then saw it fall to 142.50 earlier this morning. However, it has rebounded yet again just now, reclaiming that 144 handle once more. The warnings about all this were there yesterday though, once that 145.07 level caved in. Readers here had been notified about the importance of that price point for some time too. There will be much more to add on the Yen today, because it seems likely to be the lead driver in all the G10 parings and crosses again today. The USD/JPY is currently trading at 144.04
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