USD/JPY has drifted lower thanks to a softer US dollar. The dollar has declined since peaking after the Bank of Canada (BoC) shock 100 bps rate hike last Thursday. Get your market update from RichardSnowFX here:
. The dollar has declined since peaking after the Bank of Canada shock 100 bps rate hike last Thursday. This morning the dollar has continued the move lower and will mark a third successive day of declines should we close in the red. Look out for a potentialLooking ahead the economic calendar produces minimal US data as we head into the FOMC decision next Wednesday.
While fundamentally, the Japanese Yen offers little drive the currency forward, continued dollar weakness in the lead up to the FOMC rate decision and meeting opens the door to a continued move lower. Support comes in at 126.89 followed by 135.60, 135.00 and 134.50.
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