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USD/JPY bounces at 109.00 level, but still well in the red on the day

12 days ago   |   By FXCM

USD/JPY dropped sharply from Asia Pacific levels around 109.75 to lows around 109.00 before recovering to closer to 109.25.
A tightening US/Japan rate spread has put downwards pressure on the pair.
USD/JPY dropped sharply on Thursday, sliding from Asia Pacific levels around 109.75, to as low as the 109.00 mark, after slipping below the 21-day moving average at just under 109.50. The pair is currently trading closer to 109.25 as US trade draws to a close, down about 0.5% or just over 50 pips on the day.
Now that USD/JPY has slipped below a key area of support in the 109.30s, short-term...
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