The Japanese Yen (JPY) the Moody’s warning saw an immediate fall of the USD/JPY towards the Y78 and then a break to new cycle lows of Y77.70. QE3 expectations are also weighing on the major and we may test Y77 in coming days if USD weakness continues. BOJ/MOF Intervention talk will grow louder as the USD/JPY rate falls closer to Y75.50.
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