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Strategists at HSBC recommend selling EUR/JPY at 133.20, with a target of 128.00 and a stop at 135.80. In their view, the ECB is unlikely to cut on the November meeting, but the press conference is likely to keep the EUR under pressure.

"We chose the JPY as the long leg of our trade as any further increase in the probability attached to 2013 Fed tapering would challenge the risk-on mood, and the JPY is best placed to capitalize", they add. 

Chart. Daily EUR/JPY

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