JPY Trading Outlook (22-12-2011)

The Japanese Yen (JPY) the USD/JPY ended above Y78 returning to the top end of the recent range as the Euro selling helped the Dollar rally against all currencies. A break above Y78.30 would open up recent intervention highs near Y80 and could create a new trend after months of consolidation. AUD/JPY and EUR/JPY fell with stocks but are supported technically and would move higher if the USD/JPY rallied. The BOJ held at 0.1% as widely expected.

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