JPY maintains upward trend against USD
- Last Updated on 10 February 2012
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The USD/JPY stayed largely bearish throughout yesterday's trading session, as concerns continue to grow that the Bank of Japan (BOJ) may soon intervene to limit the yen's strength. Japan's export based economy is negatively impacted when the yen displays bullish strength. The USD/JPY was largely range trading yesterday between 76.03 and 76.20. Analysts are warning that should the pair drop to around the 75.50 level, the BOJ may make a move.
Whether or not the pair could drop that low today, will largely be dependent on the US Non-Farm Payrolls figure, set to be released at 13:30 GMT. Traders will want to note that should the figure come in below expectations, the yen is likely to extend its bullish trend on the dollar. Whether or not that will lead to the BOJ intervening in the market place is not yet known, but traders will want to pay careful attention to the news to find out.