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JPY Daily News
JPY Bullish as Trade Deficit Grows Less than Forecast
The Japanese yen (JPY) has been trading with somewhat mixed results since early last week, with gains made against several currencies and losses elsewhere. After a week of ups and downs, the Japanese yen appears set to make gains today as investors seek safety from recent turmoil and as the Bank of Japan (BOJ) published a report this morning which could help the island economy make gains. The dominant stance of risk aversion overarching last week's trading environment has many traders moving towards the yen against the higher yielding currencies like the euro and British pound.
The USD/JPY was seen trading somewhat lower this morning, finding resistance near 80.60 on Friday and moving down towards the intervention level of 80.00 at today's opening Asian sessions. Japan's trade balance report was published this morning and revealed a modest uptick which may help the island currency in today's market hours. Market news released out of Europe today will likely be the driving force behind JPY values, though, and traders would be wise to watch the comments emerging from the latest round of ECOFIN meetings to determine whether risk aversion will again gain predominance in this week's market.
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