After a fake move to the upside on Monday, Yen has been heading lower. It posted four consecutive days of losses and has given back more than half of the gains that it made since last Friday's NFP report.
122 is the level to watch. If it holds, the pair may rally again to retest 124 - 125 in the days ahead. If it gives way, a return to 118 - 122 range will become the most likely scenario. A lot of that will depend on what stock markets will do in the near future.
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