After posting a session low at 118.92, EUR/JPY has run out of momentum and has bounced 50 pips. I suspect that Europe may open with a bearish view of the single currency so any intraday bounces in EUR/USD will probably meet with long liquidation. USD/JPY has pulled up shy of rumoured heavy demand starting at 82.75 and interbank dealers say that it will require some very heavy lifting to get the pair below 82.50.
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