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Forex Flash: Rally on Yen crosses approaching capitulation - RBS

The risks of a fall in EUR/JPY remains significant, says Greg Gibbs, currency strategist at RBS. The rally in USD/JPY, in view of Greg, "also feels close to complete for now."

He adds: "The rally on the Shirakawa early resignation announcement appears to be the final capitulation of those that have been more desperate to buy. The speculative community already significantly owns the short JPY trade. Longer term players will feel they have missed the first half of this move and will not be desperate to buy until in comes back to around 90."

Forex: AUD/JPY unchanged around 96.40

AUD/JPY is inside a 50 pip range 96.10/60 last at 96.46, off recent session lows at 96.16, bouncing on Yen weakness, as USD/JPY moves back to even for the session, last at 93.57, following a downward session start, with better than expected Japan core machinery orders at +2.8% on a monthly basis, when -0.7% was expected.
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Forex Flash: Australian jobs still hanging in there; RBA to hold in March - NAB

The unemployment rate was steady at 5.4% in January, helped by a 0.1% dip in the participation rate to 65.0%, notes the NAB economists team. "Employment is still growing, up 10k in Jan, up 0.9% y/y, with gains somewhat flattered by part-time skew" the bank point. NAB believes this report "tips the balance back toward RBA on hold in March."
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