JPY Trading Outlook (06-12-2012)

The Japanese Yen (JPY) USD/JPY resumed its uptrend gaining back to Y82.40 after stronger US data encouraged buyers back to the major. EUR/JPY touched fresh rally highs near Y108 but since then we have seen some profit taking in most crosses during the Asia session Thursday. Australian Dollar (AUD) the AUD/USD was quiet at 1.0480 but we found strong resistance here and pulled back to 1.0450 as the Dollar fought back in the US session. The RBA rate cut and weak retail data earlier in the week has been overlooked so far but we have November Employment Data out today that should move the Aussie more aggressively. Q3 GDP was at expectations at 0.5% vs. 0.6% previously. Looking ahead, November Employment Change forecast at 0 vs. 10.7k. November Unemployment Rate forecast at 5.5% vs. 5.4%.