JPY Trading Outlook (19-10-2012)

The Japanese Yen (JPY) the USD/JPY was very strong supported on dips to Y79 and is at fresh month highs above Y79.40 in Asia trade Friday. EUR/JPY is leading the crosses higher with the important cross hitting Y104 overnight before pulling back on profit taking and US stocks. The main level is Y80 on the topside and has been a formidable resistance in the past.

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