The Japanese Yen (JPY) the stronger than forecast US data helped the USD/JPY break above resistance at Y78.70 to hit multi week highs just under Y79. The market is still requiring the Bulls to prove themselves after many failed rallies with most traders still looking to range trade the pair while the Y78-80 range holds. The Yen crosses are mixed with the EUR/JPY still near historic lows so any reversal could be quite dramatic.
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