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The USD/JPY’s extension lower found a firm base at 104.00, rebounding higher towards 105.00. Terence Wu, FX strategist at OCBC, expects the pair to consolidate but is biased lower and, therefore, further dips to the 104.00 area are on the cards.

Key quotes

“Expect the USD/JPY pair to consolidate north of 104.00 for now, but it should make further tests of that level in the coming sessions.”

“Immediate topside resistance at 105.00.”