JPY crosses still drifting lower
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GBP/JPY and AUD/JPY are leading the way and the FX markets are now dancing to their own tune and are not simply following equity market leads. Dealers say that markets remain thin and light flows are sufficent to move the market. Exporter offers are capping USD/JPY and the other major USD pairs are looking tired and continuing to drift lower. Cable is currently trading around 1.6340 and EUR/USD is back under 1.4100.
