USDJPY and US Yields are driving the FX market, as USDJPY is the first one with a five-wave reversal that can limit the gains US Yields.
USDJPY was the first one that turned up/ JPY down back in Dec 2020, others followed later. Now, we have USDJPY first pair with clear five down breaking the trendline support. This is also based on recent turn down on US yields after “dovish” Powell on Wednesday.
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