JPY Trading Outlook (14-02-2011)
The Japanese Yen (JPY) pushed higher on the improving outlook for the US economy while the Japanese economy continued to remain sluggish. The USD/JPY could be a major mover this year having suffered greatly in the past couple of years. Resistance was found above Y83.70 but the outlook is improving after Y80 was avoided. Overall the USD/JPY traded with a low of 83.21 and a high of 83.67 before closing the day around 83.44 in the New York session. UPDATE Q4 GDP at -0.3% vs. -0.5% forecast Q/Q.
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