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JPY Daily News
No Relief for JPY
Monday, 19 Dec 2011
The USD/JPY has been trading in a tight range since the last government intervention while the EUR/JPY has been less cooperative. As the European debt crisis continues on without an end in sight, the JPY will likely garner additional safe haven status. With gold's 7% fall this week it shows the only real safe havens these days are the USD and the JPY. Thus the JPY could stay bid as risk appetite remains tepid.
While the USD/JPY could continue its move higher to its 2007 falling trend line on the back of USD strength, the EUR/JPY is inching towards its October low of 100.75.
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