It was a busy day in FX markets yesterday as USD selling ended abruptly and the yen corrected on the crosses. EUR/JPY could hold its ground above 112.15 and EUR/USD posted a Shooting Star topping pattern that should take the sting out of the recent dollar slide temporarily. GBP/USD is likely to stay capped below 1.6310/60 into the holiday period. Price action in the Skandis was equally abrupt but here the signs could actually threaten a change in recent sentiment.
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Barclays Capital