JPY Trading Outlook (06-06-2011)

The Japanese Yen (JPY) USD/JPY fell sharply towards Y80 after the weak US data but the crosses began to rally with stocks bouncing and EUR/JPY surging higher. USD/JPY is close to Y80 and a break here could lead quickly to further losses. The market will be closely watching any talk of BOJ intervention below this level. Overall the USD/JPY traded with a low of 80.03 and a high of 81.01 before closing the day around 80.23 in the New York session.

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