JPY Trading Outlook (03-08-2012)

The Japanese Yen (JPY) the USD/JPY was sidelined as the major reacted to Draghi press conference but the EUR/JPY was up and down following the EUR/USD moves. The main event for the USD/JPY is tonight from the US NonFarm Payrolls data. Good data will further delay more FED stimulus while bad data will prompt selling both on Yen crosses and on USD/JPY as QE3 will be fully priced in for the next meeting.

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