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JPY Trading Outlook (22-05-2013)

CROSSES: AUD/NZD remains stuck in neutral near 1.2000 but the longer it spends down here, the more likely we are to see the dominant downtrend reassert itself. AUD/JPY is also in range trading mode with parameters at 99.50/102.00. AUD/CAD should now be watched more carefully for signs of an interim basing formation. EUR/AUD still has been unable to regain the 1.3200 level and this looks like the pivotal level for further short-term directions.

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