JPY Trading Outlook (15-11-2011)
The Japanese Yen (JPY) the USD/JPY fell back and tested support under Y77 but closed above and is very stable. The grind lower is seen continuing but as we fall closer to the intervention rate at Y75.50 the sellers will become more skittish after taking heavy losses when the Central bank intervened last time. Q3 GDP was shown to be solid at 1.5% with earthquake reconstruction providing a boost.
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