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USDJPY continues to trade away from traditional cross asset correlations and in sympathy of Asian EMFX, according to analysts at TD Securities.

Key Quotes

“Though we think the former cannot be sustained indefinitely, the latest break through notable trend resistance has heightened positioning risks and will likely leave the pair elevated in a broad 112/114 range for now. Patience should be exercised before looking for a realignment of cross-asset correlations.”