JPY Trading Outlook (12-05-2014)
Yen Crosses: EURJPY was further dragged down by the ECB statement to the import support of 139-70-140 zone. The daily cloud base, 50% of the 136.25-143.29 rise and March-April lows were all removed near there and a close below it for the week is threatened. USDJPY remains in a holding pattern above a slew of historical support and the 200 DMA between 101.09 and 101.32, with local bids fighting of what appears to be steady long liquidation by specs into rallies since the turn of the year.
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