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JPY Trading Outlook (20-07-2011)

The Japanese Yen (JPY) the USD/JPY found support under Y79 and finished near the highs of the recent range on strong cross buying. AUD/JPY reclaimed the Y85 level with the 200 point gain in the Dow Jones providing the fuel for the rise. Overall the USD/JPY traded with a low of 78.80 and a high of 79.29 before closing the day around 79.25 in the New York session. Looking Ahead, June Trade Balance forecast at -165bn vs. -853bn previously.

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