JPY Trading Outlook (23-03-2011)
The Japanese Yen (JPY) kept to a 40 pip range around Y81 as the market waited for more BOJ intervention and information from the Nuclear plant crisis. AUD/JPY and GBP/JPY continued to track higher and are well supported at highs. Overall the USD/JPY traded with a low of 80.83 and a high of 81.26 before closing the day around 81.00 in the New York session. Looking ahead, February Trade Balance forecast 894bn vs. -471bn previously.
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