USD/JPY is largely static in holiday thin US trade. Prices hover across the 119.50 level, which is in the middle of a relatively narrow European trading range. The pair has made a couple of attempts on the topside but has been unable to overcome large offers at 119.80.
European interbank players have sold ahead of this level resulting in a 119.73 session high. Equally, the downside has been underpinned by good Japanese order interest from the 119.30/35 area. There is little to push the pair out of these ranges in the European afternoon, with most players sidelined due to US Presidents Day.
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