The market gets spooked by any mention of credit tightness or liquidity issues and that’s why the risk trades are still being sold off. Those who sold EUR/JPY this morning towards 112 should consider booking profits below 110.50 (gift horses and mouths etc). Once again I see support in EUR/JPY just above 110 and in AUD/JPY around 73.25. I’d suggest waiting for some confirmation of support and resistance levels before jumping in.
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