On Friday risk took a step back as base metals markets fell sharply and US equity markets dipped. Despite this decline, it is far from certain that the move is sustainable, given the recent ranging environment. Against this negative backdrop, though, it is perhaps surprising that USD/JPY continues push higher; however, daily Ichimoku charts indicate the Mar/Sep downtrend is over and a relief rally is under way; beyond 79.85 would point to 80.60.
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Barclays Capital