JPY Trading Outlook (07-12-2012)

The Japanese Yen (JPY) USD/JPY was sidelined while the action was taking place on the EUR/USD overnight. EUR/JPY slumped inline with the major and is threatening the uptrend if we falls for a second day. USD/JPY is always a big mover when the US Jobs data is released and traders will be watching the pair closely. Australian Dollar (AUD) the AUD/USD broke briefly above 1.0500 overnight but we find ourselves back down at 1.0480 once again with the EUR/USD slumping. The slow grind higher will require EUR/USD support to get back above the 1.0500. Australian November Jobs data was solid with +13.9k and the Unemployment Rate dropped to 5.2% vs. 5.5% previously. Update October Trade Balance at -2088mn vs. -1456mn previously.

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