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EU Cash opening calls


Crude Holding Steady After two Week Rally


What to watch


(H3) Key Short-Term Resistance Defined at $82.38


Remains in the red in G10s

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Another Lurch Higher in JPY Raises Suspicion of Intervention

  • Another lurch higher in the JPY in recent trade, with USD/JPY shedding around 50 pips before stabilising - shows the continued volatility in the pair around these levels and as markets remain on watch for possible intervention from the Japanese authorities (no confirmation here, but the price action will raise suspicion).
  • For what it's worth, a sizeable volume spike in JPY futures on that latest move - topping the activity seen earlier today on Kyodo spending package headlines: circa 15k contracts traded inside 3 minutes - that's a cash value of approx. $1.25bln
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