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JPY Mid-day Analysis

The Yen was at least temporarily oversold into the lows overnight and

The Dollar ranged up sharply yesterday and that might have left it temporarily overbought.

The Canadian is technically oversold and perhaps a measure of fundamentally oversold.

Like the Swiss and Euro, the trend in the Pound remains down and

NBP surprises again and leaves rates unchanged . CNB will worsen its forecast as external conditions deteriorated

Today’s highlights: AUDUSD has resumed its core bear trend and

EUR/USD weakened yesterday but failed tobreak its recent low at 1.2440 (03/11/2014 low).

The USD retraced some gains, with the EUR up 20pips to 1.250, and

EUR/USD is possibly forming a bearish “Triangle”. Watch both 1.2455 & 1.2605\14…

We expect the ECB to remain in wait-and-see mode at today’s meeting, as the impactof the latest easing measures is assessed.

Core bond yields climbed a bit yesterday, with the German 10-year yield ending the day higher by 2bp and

Overall focus remains on the $1045.5 2010 low with the break and