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USD/JPY Reverses Ahead of 50-Day SMA to Approach Monthly Low
USD/JPY appears to be reversing ahead of the 50-Day SMA (158.05) as it gives back the rebound from the monthly low (155.38), and the exchange rate may struggle to retain the advance from the June low (154.54) as it no longer tracks the positive slope in the moving average. USD/JPY Reverses Ahead of 50-Day SMA to Approach Monthly Low Keep in mind, the recent selloff in USD/JPY emerged as it failed to hold within the opening range for July, and failure to trade back above the moving average may indicate a shift in carry trade interest amid growing speculation for a change in Federal Reserve policy. It remains to be ... (full story)