Forex Flash: Rally on Yen crosses approaching capitulation - RBS

FXstreet.com (Barcelona) - The risks of a fall in EURJPY remains significant, says Greg Gibbs, currency strategist at RBS. The rally in USDJPY, in view of Greg, "also feels close to complete for now."

He adds: "The rally on the Shirakawa early resignation announcement appears to be the final capitulation of those that have been more desperate to buy. The speculative community already significantly owns the short JPY trade. Longer term players will feel they have missed the first half of this move and will not be desperate to buy until in comes back to around 90."