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USD/JPY drops - Profit taking or hedge demand for JPY?
Failure to hold above 114.00 handle in early Asia has proved to be a costly exercise for the bulls as USD/JPY is now fast losing height. Currently, the pair is trading at 113.76, having clocked a session low of 113.73. Profit taking/Sell the fact underway? The decline from the high of 114.10 could be due to profit taking on the JPY short initiated ahead of Sunday's Japanese elections. Moreover, the majority of the financial markets had already seemingly priced in the victory. Hedge demand for JPY? An argument could be put forward that the decline from the session high of 114.10 is due to increased demand for the JPY, ... (full story)
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- Oct 23, 2017 12:16am Oct 23, 2017 12:16am
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