Over the last 24 hours, the yen has burst into life, breaking major support levels on heavy volume. The standout chart was NZD/JPY breaking out of a fouryear trading range, but GBP/JPY posting a new 2012 high and USD/JPY completing an inverse Head and Shoulders base were also impressive signals. The implication is that the trend of the last four years for yen appreciation is over and we should expect material yen weakness well into next year. USD/JPY breaking above 84.20 would provide further confirmation.
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Barclays Capital
