JPY Trading Outlook (07-06-2012)

The Japanese Yen (JPY) the USD/JPY gained overnight even on the QE3 talk as crosses surged higher with AUD/JPY the main leader up over 2% on the day. The USD/JPY closed above Y79.30 and traders are getting more comfortable buying in the risk on environment and expectations of further BOJ verbal intervention on dips. The Bernanke QE3 speech is of extreme importance for the USD/JPY direction as the major is very sensitive to US monetary policy.

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