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EUR/JPY is currently holding its ground at around 132.2, which is still a bit of a distance from our proposed entry level of 131.3. The euro will be firmly in focus ahead of the ECB meeting and Mario Draghi’s speech. There have already been hints of potentials rate cuts and another LTRO; all this suggests we could hear further dovish commentary, if not action from the ECB. This would in turn weigh on the euro and potentially trigger our trade.
At the same time, the yen has been gaining ground in the wake of its safe-haven appeal and the sales tax hike announcement. With Prime Minister Abe failing to announce significant enough measures to counter the tax hike, this is resulting in flows into the JPY. We remain happy with our order and will update clients as the week progresses.
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