The Japanese Yen (JPY) the move above Y77 on USD/JPY was once again reversed after heavy cross selling led by the EUR/JPY. The failure of the USD/JPY to continue higher above Y77 is frustrating longs who have been patiently waiting for intervention back to Y80. Risk appetite is going to remain the key catalyst short term direction but only a change in US monetary policy seen pushing the USD/JPY out of its range.
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