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EURJPY – Does Further Yen Weakness Lie Ahead?
We’ve seen a decent rally in the yen today on the back of reports that the Japanese fiscal spending package will be much smaller than previously thought – ¥6 trillion rather than ¥20 trillion – calling into question both the effectiveness of any monetary stimulus that could come and how large it will be. The rally in the yen has sent the euro back to 114.45 against the Japanese currency, where it has run into a confluence of support levels, including a prior area of resistance from when the pair came off its lows in June before making a higher low. It also falls around 50% retracement of the move from 6 July ... (full story)