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YEN: The Yen is the weakest G10 currency of the week so far, with many of the
crosses now breaking through key technical levels.
- GBPJPY has rallied sharply today, breaking through the upper end of the major
descending channel. The cross is also now trading above the 100-DMA to give a
further bullish technical signal. The next target area is the upper boundary of
the longer term descending channel, established since the beginning of February,
currently intervening at 147.82.
- EURJPY is also accelerating towards the major pivotal resistance at the 131.15
level, which coincides with the 200-DMA. A break above here will generate a
further significant bullish technical signal.
- USJPY has maintained the long term bullish trend and is breaking higher from
the recent trading range.

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