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JPY Daily News
JPY Experiencing Relatively Flat Trading
The Japanese yen (JPY) has been trading with somewhat mixed results since Thursday, 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 appear to be seeking safety. The dominant stance of risk aversion overarching yesterday's environment of optimism has many traders moving towards the yen against the higher yielding currencies like the euro, which dropped to a six-week low during yesterday's afternoon sessions.
However, the yen was slightly lower versus the US dollar as the pair moved up from previous intervention levels near 80.00. The USD/JPY held steady at yesterday's low, finding support near 80.30 and moving up towards 80.90 by today's opening Asian sessions. Japan's morning release of its Monetary Policy Meeting Minutes should have shed light on JPY values and direction, but so far the forex landscape appears calm. If this past week's soft data from the Western powers proves pivotal, the JPY could find solid support ahead of this week's closing.
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