JPY: Pushing Back Our Bear-Market Call

The Japanese yen looks set for choppy range trading in the near term, with trendline support - currently at JPY85.00/US$ capping any meaningful weakness. Meanwhile, a move down to JPY76.30/US$ would likely be met with intervention selling by the Bank of Japan (BoJ) and should thus cap substantial further gains. With support at JPY81.00/US$ giving way, however, our near-term bias is for further yen losses versus the greenback.

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