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Dow Jones reported that oil futures hit fresh highs of $52 after the inventory data this session and this has helped to keep JPY weakness intact. USD/JPY is at 111.34/40 currently with option defense of 111.50 continuing. There are reports of options strikes at 111.75 that are expected to be defended as well, with more at 112.00, 112.50 and 113.00. The higher oil prices are seen damaging Japan"s economy though other Asian nations will be far worse off from the higher prices, with JPY also be sold as a defacto Asian currency as investors look to hedge the economic risk.
Dow Jones reported that oil futures hit fresh highs of $52 after the inventory data this session and this has helped to keep JPY weakness intact. USD/JPY is at 111.34/40 currently with option defense of 111.50 continuing. There are reports of options strikes at 111.75 that are expected to be defended as well, with more at 112.00, 112.50 and 113.00. The higher oil prices are seen damaging Japan"s economy though other Asian nations will be far worse off from the higher prices, with JPY also be sold as a defacto Asian currency as investors look to hedge the economic risk.
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