JPY Trading Outlook (06-10-2011)

The Japanese Yen (JPY) USD/JPY tested Y77 as crosses lifted in the US session but was unable once again to break the key topside resistance and the major fell back into the recent range. EUR/JPY and AUD/JPY continued to edge higher with stocks well off Tuesday&rsquo s lows. The recent downtrend could be under threat if shorts begin to cover aggressively.

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