USD/JPY breaks lower; test of 113.20 likely: by Milan Cutkovic

  • USD/JPY just broke through the Asia session low and printed a fresh intraday low at 113.87
  • Dealers see some buying from Japanese investors, but leveraged names have been mostly sellers
  • Not many data releases out of the US this week
  • We could see some further USD position covering; USD/JPY the most vulnerable as trade is crowded and there are plenty of trailing stops on the way down from specs who were chasing it higher so far
  • Look for a test of 113.20 in the near-term

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