JPY Trading Outlook (11-02-2011)

The Japanese Yen (JPY) responded sharply to the US jobless Claims data breaking back above Y83 in a potentially important technical move higher. The market has been in a Y83-82 range for months and could be poised for a breakout in coming sessions. Overall the USD/JPY traded with a low of 82.36 and a high of 83.41 before closing the day around 83.35 in the New York session.

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