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USD/JPY drops to test 5-DMA, despite rallying Nikkei
The USD/JPY pair is seen consolidating the downside in the late-Asian trades, having met fresh offers earlier on the day, despite better risk conditions persisting in the markets. USD/JPY revisits daily lows near 5-DMA at 102.29 The dollar-yen pair remained under pressure almost through the Asian trades so far this Wednesday, as the rate corrected lower after a profit-taking rally seen yesterday. While a risk-on rally in the Asian equities, especially the Japanese indices, also failed to provide support to the pair. Moreover, a minor retreat in the US dollar across the board after the recent US data-backed strength, ... (full story)