The yen has trimmed away early Asian gains and is trading down almost half percent against the American dollar and the euro. In particular, it is trading at 87.45 against the dollar and at 114.30 against the euro at the moment. Therefore, despite some considerable profit taking in the last sessions, the yen seems to continue its fast accelerating downward movement. Australian retail sales recorded a contraction of 0.1% worse than the 0.3% increase expected. No other major releases are scheduled for the European session, except perhaps the German industrial production index.
EUR/GBP Daily Chart:
The pair can be bought at any dip targeting higher in the medium-term. The ascending trend line provides support, while we need a clear of 0.8165 to open the door for 0.8225.
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