JPY Trading Outlook (18-06-2012)

The Japanese Yen (JPY) the USD/JPY moved higher on the back of the strong EUR/JPY and AUD/JPY buying with the major now back above Y79. USD weakness has been stronger then the Yen weakness lately with EUR/USD dominating the USD/JPY short term direction. This weeks FOMC meeting is extremely important for the USD/JPY and we could see significant downside if QE3 is announced and topside if they choose to ignore it again.

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