The Japanese Yen (JPY) rallied sharply in Asia to above Y78 before reversing aggressively to fresh multi month lows on EUR/JPY selling and US debt downgrade concerns. Intervention threats at these levels are growing louder and the shorts are careful. Overall the USD/JPY traded with a low of 76.28 and a high of 78.05 before closing the day around 77.20 in the New York session.
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