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JPY Reverses Recent Gains amid Positive Euro-Zone News
News out of the euro-zone yesterday led to traders shifting their funds toward riskier currencies at the expense of the safe-haven Japanese yen. The JPY took losses against the euro and New Zealand dollar as a result. Meanwhile, positive US data released yesterday caused the USD/JPY pair to spike. Whether this news will impact any possible future Bank of Japan (BOJ) currency intervention is still unknown. The BOJ has been known to intervene in the marketplace to limit yen growth. With the currency currently in the middle of an extended bullish trend against the euro, rumors of the BOJ intervening have been circulating.
Today, traders will want to pay attention to any news out of the euro-zone which could impact the markets. Specifically, any positive news on Greek debt may cause the yen to extend yesterday's bearish run. Additionally, traders will want to note any news out of the Bank of Japan which could indicate any future intervention in the currency market.
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