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JPY Trading Outlook (01-07-2011)

The Japanese Yen (JPY) found support at Y80.25 before bouncing on the surprisingly strong Chicago PMI data. Most crosses struggled to extend gains and range traded for most of the day although well supported. GBP/JPY is still below key resistance at Y130 after underperforming the recent sessions. Overall the USD/JPY traded with a low of 80.25 and a high of 80.87 before closing the day around 80.60 in the New York session. UPDATE Q2 TANKAN -9 vs. 6 previously.

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