The Japanese Yen (JPY) USD/JPY struggled and fell further back as the USD weakness overwhelmed the Yen weakness in the ‘risk on’ rally. EUR/JPY was able to bounce from multi-year lows and reclaim Y100. AUD/JPY is targeting Y80 and if US data continues to be strong then USD/JPY could reverse direction and the Yen once again become the funding currency of choice.
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