USD/JPY made a very brief run toward the 92.00 level but has since drifted back to the 91.85 area. Traders note stops above the 92.00 level while there are a cluster of exporter offers toward 92.20/25. Japan’s rapidly deteriorating fiscal backdrop is undermining the JPY from a macro perspective. Traders report “smart money” continuing to buy USD/JPY again today. Bids are perched at 91.50 on pullbacks near-term. 92.52 is the near-term topside target
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