JPY Trading Outlook (08-07-2011)

The Japanese Yen (JPY) was a major mover reacting to the strong US jobs numbers by breaking above resistance at Y81 and threatening to break out to the topside if NFP numbers are strong from the US tonight. Support is seen from AUD/JPY and EUR/JPY which are well positioned technically to push higher after pulling back and find support last week. Overall the USD/JPY traded with a low of 80.78 and a high of 81.42 before closing the day around 81.30 in the New York session.

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