Near-term topping signals emerging in US equities signal further relief in the greater up-trends. This is helping to provide a bid for JPY and we are seeing evidence of this in some of the JPY crosses, with trendline breaks in EUR/JPY and CHF/JPY pointing to further downside toward the late September range lows. Overall, we view these moves as corrective and would look for the greater uptrends to resume later this quarter.
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Barclays Capital