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JPY Trading Outlook (24-05-2011)

The Japanese Yen (JPY) cross selling provided a good opportunity for buyers and the market rebounded back to Y82 in the late US trade. EUR/JPY tested support at Y114 and was able to finish stronger at Y115. The outlook is very mixed with the market correction in stocks and Oil is threatening the longer term uptrend. Overall the USD/JPY traded with a low of 81.30 and a high of 82.10 before closing the day around 81.80 in the New York session.

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