The Japanese Yen (JPY) USD strength played out on the USD/JPY pair with a break of the major Y80 level overnight. The subsequent rally to Y80.35 before consolidating was a surprise from the usual correlation with EUR/JPY and may suggest a new period of USD strength on the horizon. EUR/JPY losses were tempered by the USD/JPY move and the pair is holding above Y100 near Y100.50.
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