JPY Trading Outlook (11-07-2011)

The Japanese Yen (JPY) was the safe haven of choice with the major USD/JPY falling sharply after weak US jobs data. The mood was a sharp contrast to the previous European and Asian sessions where a range break to the topside had technical analysts calling for more gains. EUR/JPY led the crosses lower with Italy fears spooking buyers. Overall the USD/JPY traded with a low of 80.48 and a high of 81.48 before closing the day around 80.64 in the New York session.

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