European morning wrap: Some profit-taking seen in yen shorts

• Greek FinMin Stournaras: Greece must work on growth (yer reckon)
• Moody’s: Japan fiscal policy expansion could help in the short-term but leave govt with higher debt
• China to loosen monetary policy next year, Xinhua says
• China ForMin says hopes Japan can appropriately deal with problems in Sino-China relations
• Eurozone unadj Oct trade surplus 10.2 bln from 0.7 bln deficit a year ago
• Italian Oct EU trade surplus 981 mln from 456 mln deficit a year ago

We’ve seen some profit-taking in yen shorts. USD/JPY down at 83.65 from early 84.05, EUR/JPY down at 110.05 from early 110.60. Buy orders now seen clustered 83.50/60, some more sell stops below there.

EUR/USD effectively unchanged at 1.3155. Some trailing sell stops noted through 1.3140, buy orders clustered 1.3115/25. Sell orders seen clustered 1.3190/1.3210.

Cable up marginally at 1.6202 from early 1.6185, having been as high as 1.6216 this morning. Middle Eastern buying was supportive.