Asian forex market wrap

Model funds started selling the JPY crosses early in the session. GBP/JPY led the way and this set the tone for the rest of the session. Cable eventually broke through a big bid at 1.6280 and triggered stops below. Stops in EUR/JPY below 133.50 were triggered when Tokyo opened but very heavy bids at 94.75/00 in USD/JPY and heavy Sovereign bids at 1.3900/20 in EUR/USD dissuaded further selling.

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