JPY Trading Outlook (03-08-2011)
The Japanese Yen (JPY) was well supported with USD/JPY falling towards Y77 and AUD/JPY crashing lower on risk aversion and the 200+ point fall in US stocks. The outlook is for more losses with the market testing the BOJ/MOF about intervention threats and the lack of support for the USD as a safe haven. Overall the USD/JPY traded with a low of 76.94 and a high of 77.83 before closing the day around 77.25 in the New York session.
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