Bearish mean reversion kicks in for USD/JPY

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Its bullish trend struggled to gain any traction above 158, and now momentum has finally turned against USD/JPY bulls. A retracement is now underway, but as to how deep really comes down to whether incoming US data continues to soften to bolster Fed-cut bets, or if the BOJ get their hawkish skates on.

Matt Simpson, Market Analyst at City Index and Forex.com