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USD/JPY Responds to NFP Low, GBP/USD Reaches Key Extension

Christopher Vecchio

Talking Points:

- GBPUSD hits April 2011 high, 61.8% extension from July low.

- USDJPY rebounds in line with global equities.

- USDJPY neutral until above 102.95 or below 100.75.

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The US Dollar has rebounded in a light trading session (President's Day holiday in US), and although lighter volume moves tend to be less significant, there are still levels to respect. USDJPY has reacted to the post-NFP reaction low near ¥101.40, while GBPUSD has retraced from a key extension and former high near $1.6745.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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