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Bearish momentum gaining in JPY crosses

By   || June 9, 2009 at 04:20 GMT
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What had started out as a very quiet day has turned into a bit of a rout on the JPY crosses. EUR/JPY is trading on its lows at 135.70 and dealers report lots of longs liquidating their positions. It seems there is no major news out to drive this but many see the IMF statement on Euro-zone banks as having been the catalyst.

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