JPY Trading Outlook (12-10-2012)
The Japanese Yen (JPY) USD/JPY popped higher as the weekly jobless claims dropped dramatically in what may be a statistically anomaly. Resistance was found above Y78.50 and we have eased back slightly since with EUR/JPY and AUD/JPY selling weighing on the major. The G7 meeting has seen some focus on Yen strength with the Japanese Economic Minister stating overnight that ‘Japan may intervene in the FX markets alone’ without the US consent.
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