JPY Trading Outlook (16-11-2011)
The Japanese Yen (JPY) the USD/JPY spiked in the Asian session to Y77.50 as the market spooked the BOJ was intervening. The major trade back to Y77 very quickly after no confirmation came out and the pair spent the rest of the day in a tight range. EUR/JPY is adding to the downside pressure on most crosses and if things unravel in the Eurozone the BOJ may have to intervene to stop Yen strength. Looking ahead, BOJ Rate Announcement forecast to hold at 0.1% vs. 0.1%
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