JPY Trading Outlook (23-01-2012)
The Japanese Yen (JPY) the USD/JPY remained above Y77 for most of the day but with EUR/JPY stalling at Y100 before easing on the Greece debt failure risk and profit taking on the move from Y97 to Y100 throughout the week. AUD/JPY is holding onto gains however with traders looking for higher levels now the cross is above Y80. Talk in the market about possible EUR/JPY intervention has drawn the conclusion that this is unlikely without major selling at a pace faster than we have seen so far.
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