The Japanese Yen (JPY) the USD/JPY dipped with crosses to Y77.70 but then rallied back to Y78 as the market continued to grind higher. EUR/JPY took another step lower to the Y101.50 level stabilizing. The outlook is mixed but the market is watching the BOJ and any comment on the EUR/JPY strength which may become evident if the important cross dips below Y100.
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