• Average volumes overall but yen volumes remain highly elevated.
• JPY crosses occupying the top three currency pairs above their one-week average.
• After two days of falling USD/JPY volumes spiked above their 20-day average yesterday. Typically during the last two months this pattern has preceded further USD gains.
• EUR/USD volume was its lowest this month yesterday but overnight news appears to have sparked above-average activity.
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Barclays Capital