The Japanese Yen (JPY) kept to a 20 pip range under the Y77 to Y76.80. EUR/JPY fell to fresh 12 year lows before reversing in Europe but the downside bias remains and this is keeping a drag on the USD/JPY. Hopes of intervention will be based upon the BOJ verbal threats continuing to be ignored with USD/JPY 75 and EUR/JPY 95 seen as possible lines in the sand. UPDATE Chinese Trade Balance at 16.5bn vs. 8.78bn forecast
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