Strategy: Flat
USDJPY continues to trade in a choppy range below 78.87 – a former support dating back to March at the time of the Tohoku earthquake and the year’s first intervention – with support loosely defined by the Ministry of Finance’s subsequent actions around in the 76.00 figure. We see no compelling trading opportunities here with prices in the middle of the range and will remain on the sidelines for now.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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