Volumes dipped back to average levels generally yesterday despite a strong showing again in the yen markets.
· A black selling candle, combined with excess volume in USD/JPY (second highest volume in 2012), warns of profit taking post election.
· EUR/JPY posted yet another 2012 volume high yesterday.
· NZD/USD backed away from its highs on declining activity, suggesting the pullback is a correction.
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Barclays Capital