JPY crosses: Further gains likely overall
With QE3 now expected sooner rather than later, further gains in the Yen crosses would appear to be very likely.
- EUR/JPY has exited a consolidation phase (98.00/99.00) and looks set to test highs near 101.70 in coming sessions. Buying dips is favoured here.
- USD/JPY is likely to trigger those large stops below 77.90 but I fancy buying a bounce off 77.50.