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USD/JPY popped to 121.49, USD-JPY 2-yr yield spreads lower

Wednesday, May 20, 2015 6:38 PM UTC

Fed waiting for data bounce before a hike, too much uncertainty to make early rate hike likely
USD/JPY popped to 121.49 on tape-read bids from June hike holdouts on FOMC
USD-JPY 2-yr yield spreads lower now since the Minutes release
Offers noted into 121.50-121.85 & 122, bids 121.75 & 121.60-50

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USD/JPY popped to 121.49, USD-JPY 2-yr yield spreads lower

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