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Yen Capitulation Sends GBPJPY to 17-Year Peak – 212.60 Next? 
• EUR/AUD rose sharply on Monday as China economy concerns and lower commodities weighed on Australian dollar.
• A key political meeting in China last week failed to provide details on stimulus measures despite the struggling economy, dampening prospects for metal demand.
• Copper prices fell to their lowest level in over three months on Monday due to concerns about demand and the absence of new stimulus measures in China, the largest consumer.
• Scope is growing for much bigger gains to retest the key fibo level 1.6418 Fibo, Only a daily close back under the Ichimoku cloud would be negative.
• Immediate resistance is located at 1.6418(23.6% fib), any close above will push the pair towards 1.6494(30th April high).
• Strong support is seen at 1.6352(38.2% fib) and break below could take the pair towards 1.6295(50% fib).
Recommendation: Good to buy around 1.6380, with stop loss of 1.6260 and target price of 1.6450
