USD/JPY price action is limited after a brief test of levels below the 116.00 handle. Movement below 116.00 has lacked progress due to a wave of institutional investor demand. The usual carry trade interest has been evident, although there is a sense that USD/JPY may losing its way a little after bouncing out of the mid 115's and unable to sustain a move higher.
The JPY crosses have been driving price action, yet also look subdued as some hedge funds favour profit taking ahead of tomorrow's month-end. Note, a number of US financial institutions are closing their books tomorrow, which could lead to further whippy price action.
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