The pair is still under pressure but continues to hold above its historical low at 76,30.
We now wait for either a break below this support for an acceleration of the decline or a meaningful bounce. To confirm a possible reversal, we will need to see a break above 80,00 which is a former key support tested after last BoJ intervention.
We remain very cautious with the Japenese Yen as the BoJ may intervene anytime soon to curb the strengh of its currency which would result in a significant move on all the JPY related pairs.
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