JPY Trading Outlook (26-07-2012)

The Japanese Yen (JPY) the USD/JPY is under continuous pressure from USD weakness on QE3 expectations and from EUR/JPY weakness when negative Eurozone news emerged. The Y78 level is holding for now but overnight we heard from the BOJ Yamaguchi that intervention isn’t imminent and this could weigh if more aggressive attempts are made to break the key support.

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