The Japanese Yen (JPY) profit takers emerged as the USD/JPY rally stalled near Y79.60 and we fell slowly back to Y79.30 during roughly the same time the USD was weakening against the EUR/USD. The Yen crosses are important especially the EUR/JPY which will help dictate the direction of the major. EUR/JPY has risen from Y95 to 98 in recent weeks but is stalling at this level in recent sessions.
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