US Dollar trying to make its way back.

Profit taking on Yen longs from leveraged and momentum names and a Japan holiday, has contributed to this latest bounce in the major pair from 8 month lows.

But dealers cite plenty of offers into this rally, with last week’s BOJ inaction and downside pressure in risk markets expected to keep the Yen in demand. Still, it’s worth highlighting the fact the Yen is not a safe haven currency and there is apossibility that at some point, risk liquidation flow will no longer be supportive.

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