A modest turnaround in equities, and this may give USD/JPY the push higher it needs, having been suppressed in the low 111.00’s after last week’s breach of the figure level lower down.
NY managed to test the 111.75-80 area on Friday, so a push through these levels may generate a move through to the 112.00’s.
Trade still extremely mixed as yet, but we sense the conviction in FX has waned a little, though AUD/USD is finding a better bid – likely linked to the lift in risk mood.
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