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USDJPY drops as PM Abe plans to resign

7:46 AM 28 August 2020

JPY gained on reports saying that the Japanese Prime Minister Abe plans to resign surfaced. One of the ruling party members later confirmed that Abe intends to resign but will stay in post until a successor is found. USDJPY has pulled back towards the 106.10 handle from an overnight high at around 107.00. Nikkei (JAP225) erased gains on the news and finished today's trading 1.4% lower.

USDJPY dived on news that Abe plans to resign (orange circle). Key support to watch can be found at 106.10. Source: xStation5

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