JPY Trading Outlook (13-07-2011)
The Japanese Yen (JPY) broke Y80 as the only economy without major negative news encouraged buyers of the safe haven currency. A move in late US saw Y79 broken and Y78.50 touched 5 min later on large stop losses being hit. The BOJ is known to jawbone at these levels and could spark a sharp rebound rally in Asia. Overall the USD/JPY traded with a low of 78.48 and a high of 80.37 before closing the day around 79.40 in the New York session. Looking ahead, Chinese GDP forecast at 9.4% vs. 9.7% previously y/y.
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