Sell EURJPY Channel Breakout

1. European underperformance relative to the US should weigh on the shared currency.

2. The Japanese currency was a significant underperformer during the global tightening phase, and so we believe the currency can become a significant outperformer during the global easing phase.

3. A likely hawkish monetary policy shift from the Bank of Japan later this year, combined with a weak US economy and lower US interest rates next year, should see the Yen strengthen

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