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The bond market is continuing to point towards a further bounce in yields, helping to keep yen pairs supportive and buoyed for the time being.

Major currencies may behave more quietly and tepid in European trading today but there are some interesting things taking shape from a technical perspective.

EUR/USD is near a test of the year's lows @ 1.1704-11, with a break below that perhaps seeing the downside momentum accelerate towards 1.1600 next.

USD/JPY is also trying to establish fresh upside momentum but there are a couple of resistance layers to work through @ 110.70 and 111.00 for the time being, even if the rebound in Treasury yields look set to continue.

Other more interesting yen pairs are CAD/JPY, with Adam providing a comprehensive overview of the technical picture yesterday here, and GBP/JPY which is perhaps encountering a somewhat similar dilemma although keeping above its 100-day moving average @ 152.65 for now. A firm move above 153.40-50 will likely validate further upside momentum for the pair considering the technical picture.

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