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JPY Trading Outlook (07-02-2011)

The Japanese Yen (JPY) Broke above Y82 and surged towards Y82.50 resistance before profit taking into the weekend. Crosses were all buoyant as traders look to express risk appetite. USD weakness in recent weeks has being pressuring the USD/JPY but the action has been very contained and Japanese Officials still comment on moves towards Y80. Overall the USDJPY traded with a low of 81.13 and a high of 82.46 before closing the day around 82.19 in the New York session.

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