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EURJPY's sharp decline today has taken.....>

EURO-YEN
EURO-YEN: EURJPY's sharp decline today has taken the cross below the lower
boundary of the major ascending channel, which has defined trading activity for
nearly a year. The March low at 128.95 is now in focus, with a break below here
opening the way towards 125.82. Intraday rebounds should be limited to 129.66
keeping the pressure on the downside. The EURJPY break lower is consistent with
broad based EUR weakness of the past week, which has left the EUR as the worst
performing of the G10 currencies over the past 5 trading days.

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