The Japanese Yen (JPY) was stronger as EUR/JPY selling encouraged market wide profit taking from USD/JPY to AUD/JPY. EUR/JPY buying finally emerged at Y124.50 still above the Y124 lows on Tuesday before the large Middle Eastern sovereign orders shot the volatile pair to record highs at Y127.70. Buyers are more cautious with G20 meetings ahead likely to discuss the recent BOJ change of policy.
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