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Forex Flash: USD/JPY, heading towards 105 in May/June - Nomura

FXstreet.com (Barcelona) - Price action in USD/JPY matches very closely recent calls by Nomura strategists, who argued, this is "what you would expect based on the historical seasonality in bond flows, and the acceleration in activity post golden week."

Nomura adds: "We have been arguing that a spike towards 105 in USDJPY was quite likely around the peak flows in May-June, and this scenario now seems to be playing out. During Q2, as asset allocations peak, we think overshooting towards 105 is possible."

Forex Flash: AUD/USD looks set to test trendline at 0.98/0.9850 - BBH

After the AUD/USD broke below $1.00 for the first time since last June, Marc Chandler, Head of Curency Analysts at BBH, expect now a technical bounce "to alleviate the over-extended technical condition which could see the Aussie trade toward $1.0070-$1.0100" he said. After the correction, "we look for the Aussie to test the trend line drawn off the 2011 and 2012 lows, which comes in near $0.9800 now and $0.9850 by the end of the quarter."
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Forex: EUR/JPY holding gains above 132.00

EUR/JPY just printed a fresh 3-year high in early Asia-Pacific at 132.40 on the back of continued Yen weakness following G7 meetings through the weekend. The cross trades last at 132.18, slightly below Friday's highs.
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