Rate grinds higher after breaking into support today; traders note model and momentum accounts buying USD Monday and Tuesday—good sign a top is forming. Traders report thinner conditions.
Technical traders note a fib defense area around today’s highs and never forget that the fundamentals haven’t changed one bit in the last 72 hours; USD likely not this strong but more benefiting from Yen weakness. Still showing signs of a top, offers by exporters all the way to the overnight high at 107.77 traders say suggesting that the strength may be short-lived.
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