EUR/JPY might be trying to put in a tradeable bottom this morning. If it is able to overcome resistance at 126.27, a rebound toward 129.15 should unfold. 123.40 is now a double bottom. Some fundamental impetus for the trade is coming from Brazil’s bold announcement that it will auction off $50 bln versus the real. This has eased some of the fears of emerging markets melting down further.
