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The yen currency basket appears to have found a base and broken out of a range to the upside. This would give way to strength in the yen paving the way for the likes of EUR/JPY and GBP/JPY to continue into support.

YEN currency basket


As we can see from the chart below there is space to the downside and some clear areas of support that have remained untested, particularly at 155.6. Given the choppy nature of this pair in recent weeks we recommend trading with caution particularly ahead UK CPI on Wednesday which could give a catalyst to a bounce on the pound as per our GBPUSD article. All in all the outlook remains bearish for the pound in the medium term therefore remain confident support levels lower on this pair will be retested in Q3/Q4. As such, any long positions would remain purely short term and counter trend (strict stop losses) unless further weakness in the yen begins to develop.


Similarly with euro, the charts show some clear areas of support that have yet to be tested and given the confidence in yen strength, we are only considering short positions for the time being. Similarly with GBPJPY, we will look to short any bounces on the pair. If we can get a bounce into 137.00 we will look for some lower time frame confirmation to get short.

First target - 132.70


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