Trade the range on the major currencies except the Yen. The Euro will not go through parity on this run despite momentum now which seems like it is almost as bad as it was in mid-March as we hit 1.o519 lows. The Dollar will have a move higher but not to 110 on this run. We think the Yen breakout lower (higher numerically) is clear and decided and not an overnight event but one that has been building. It’s not time to short USD/JPY but we are getting closer on USD/EURO levels to rebuilding a long Euro position.
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