JPY Trading Outlook (10-10-2013)
CROSSES: GBP/AUD fell heavily again, breaking below previous lows near 1.6870 but failing to test more support directly below there (see chart). This looks to be one pair in which there were big positions established and they are being unwound. AUD/NZD still looks solidly bullish but the slow pace of the rally is surely a worry to the bulls. AUD/JPY is stuck in sideways consolidation but the overall picture still favours the dip-buyers in my view, notwithstanding the October 17 deadline hanging over the US debt markets.
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