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Japanese Yen Technical Analysis: USD/JPY, EUR/JPY, GBP/JPY
USD/JPY remains at a difficult spot as the fundamental backdrop has remained decisively tilted in one direction, but the threat of intervention acts as a hindrance to trend continuation. At this stage, the deviation in many JPY-pairs remains wide with the Bank of Japan keeping rates pegged to the floor despite rising inflation. Most other major economies have already reacted to the inflationary pressure with rate hikes and in the US, there remains the possibility of even more hikes as data has remained strong. This has helped to keep the carry trade alive as many JPY-pairs continue to show positive carry rates and ... (full story)