JPY Trading Outlook
The Japanese Yen (JPY) USD weakness saw the USD/JPY pullback from Y79.70 to Y79.30 in quiet trade. The crosses were largely unchanged with most majors countering the move lower. The outlook for the safe haven will depend on the stock markets and their reaction on Monday to the weekend G20 and Greek news.
The Japanese Yen (JPY) the IMF report on Japan was extremely negative overnight and this help lift most Yen crosses and the USD/JPY from risk aversion lows on Monday. The AUD/JPY in particular is gathering support from low levels.
The Japanese Yen (JPY) the USD/JPY was dragged lower by the Yen crosses which had major moves lower on the EUR/JPY and AUD/JPY. The USD/JPY has been supported by the lack of change in the US monetary policy when Bernanke failed to put QE3 firmly on the table last week. The BOJ is watching the Yen movement closely and this is also slowing the gains of the safe haven.
The Japanese Yen (JPY) the USD/JPY is being supported just under Y80 from large gains in the Yen Crosses. The usual USD selling seen against the Yen has not eventuated today with the market now playing the Yen as the key safe haven currency. Strong resistance is seen at the Y80 but a break above may put a bottom in place and seen further gains quickly.
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