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The Japanese yen put aside traditional risk dynamics to gain against the USD and is now testing the lower end of its recent 105.00-107.00 range, Terence Wu, FX Strategist at OCBC Bank, reports.

Key quotes

“Despite firmer short term implied valuations and risk sentiment, the USD/JPY continued to capitulate lower, now flirting with the bottom end of the recent range between 105.00 and 107.00.” 

“A breach of 105.00 opens the route to 104.20 on the downside.”