The Yen is currently trading in the lower half of one of the smallest weekly ranges of this year. There were some geopolitical tensions yesterday but it wasn't enough to make any significant dent in risk trades, which soon rebounded.

122 is key to hold but below it we have possibly even more important 121.50 level where 50, 100 and 200 DMA may converge in the days ahead. On the upside the first stronger resistance is expected at 123.75 - 124.00 and then around 125.

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