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JPY Trading Outlook (07-02-2013)

The Japanese Yen (JPY) was rejected from the strong Y94 resistance with many analysts suggesting that the path from Y94 to Y95 will be hard for the bulls and that consolidation of the recent gains would be needed first. We saw fresh profit taking sweep through the Yen crosses with EUR/JPY leading the market lower. Some attention is being given to the selection of the next BOJ Governor with each prospective candidate screened for these attitudes towards Quantitative easing (printing money).

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