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USDJPY finally chews through the 109.00 offers

There was strong sell interest at 109.00 that capped the pair but now breached 10 May 2016

I reported the sell interest early in my session and it took a while to chew through them all but the dip demand was always there and the retreats got shallower and shallower.

Talk of stop loss orders from 109.05 but they don't appear to have given much of an impetus as yet. Next offers into 109.20-25 and larger at 109.50. Another set of strong offers await at 110.00.

Dip buying seems the order of the day all the while traders run scared of the MOF/BOJ and yen pairs should remain underpinned, giving some support to core pairs despite the generally bullish USD tones.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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