Stop loss selling in EUR/USD has seen USD/JPY scale 118.15/20 offers to hit a peak of 118.26 on the session. Momentum is limited though despite the modest size down turn in EUR/USD. Traders are citing good size 118.30 offers, which are increasing in size on the approach of 118.50. Technical resistance should also emerge at 118.35, which is also Friday's daily high.
Near-term bias remains on the topside but the 118.50/60 area will need to be cleared in order to sustain a move on the 119.90 region. The market appears to be positioned for the Japanese rate announcement, where steady policy is expected. The market is likely to trade on re-positioning into the Christmas break and sources already sight real money interest is last bout of dollar buying.
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