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JPY Trading Outlook (13-01-2012)

The Japanese Yen (JPY) the USD/JPY fell down to Y76.70 as the USD weakened broadly in the European session but the market was supported by strong buying in the EUR/JPY which is still well below the Y100 level and the target for any short covering rally. The AUD/JPY is ranging under the Y80 and a break above could prompt more gains in the former carry trade favorite. GBP/JPY is still under pressure and struggling to gain traction.

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