JPY Trading Outlook (23-05-2012)
The Japanese Yen (JPY) suffered on the back of Fitch move to downgrade its economy to A+ with a negative outlook. Such a move, added to recent trends, ensured the currency pair once again failed to break below 79.00.Further, markets flight to USD safety, in light of Greece conjecture, ensured the USDJPY pair managed to break back above the 80.00 mark. Markets will now look to the outcome of the 2 day BoJ meeting, although bias is doubtful that there will be any added measures to ease further.
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