JPY Trading Outlook (12-07-2011)

The Japanese Yen (JPY) was strong overnight gaining across the board with USD/JPY edging closer to Y80 and crosses led by the EUR/JPY moving big figures. A break of Y80 on the major would be a bearish event and could lead to major losses. Overall the USD/JPY traded with a low of 80.09 and a high of 80.84 before closing the day around 80.25 in the New York session. Looking ahead BOJ Rate announcement forecast unchanged at 0.1%.

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