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Fresh round of USD selling in Asia

FXStreet (Bali) - The US Dollar is going through another round of selling in Asia, with downward pressured in USD/JPY (en-route to 114.00) weighing.

EUR/USD is being paid as high as 1.2485, GBP/USD has broken above 1.59, AUD/USD is testing offers around 0.8675, NZD/USD managed to overcome a tough smattering of offers at 0.7770 to set new day highs at 0.7790, while USD/JPY is presently just some pips away from 114.00 key psychological level, with a break lower likely to trigger further USD weakness across the board.

Part of the USD strength seen lately has come as a by-product of USD/JPY strength, which implies that any major break down in the latter may see some further USD long squeeze pick up momentum. Weakness in the USD along Asia is still seen as corrective in nature (opportunity to reset longs), within the context of a very strong multi-month USD rally as the Fed tightening campaign nears (data dependent), with Friday's US NFP, while squeezing USD longs, falling short of providing any solid reason to lower expectations on a late Q2/early Q3 1st rate hike.

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