Going into Asian trade,FXWW Founder Sean Lee, notes "EUR/JPY should once again be the main intraday game and the first topside level to watch will be around 106.20, which was yesterdayâ€™s breakdown level...".
Sean pacifies the retail Yen sellers community by adding that at the moment there is no indications of any Yen panic buying, "but the closer we get to the Japanese December 16th election date, the more likely a big Yen-buyback becomes."
Technically, as things stand, Sean sees "mild bullish bias intraday in line with the medium-term trend", although for those expecting major volatility, just like yesterday's 50+ pips decline post Tokyo open, the analyst thinks they may be disappointed unless "we get some significant flows in early Tokyo trade" he says.
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