Have been range trading USDJPY. After finding a top just shy of the 20 day midpoint at 99.35 (6/6 high at 99.46), the USDJPY is supported this morning by a large volume area at 96.52/62. Allowing for a test of the low in early US trading, I'm looking higher towards 97.50.
EURAUD short was stopped out at 1.4050 last night for a 40 pip loss. Bigger picture, keep an eye on AUDJPY down here. 20 day rate of change (-10%) has entered May 2010 territory.
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