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Wednesday, March 21, 2007

USD/JPY: Real Money Sellers Keep Pressure on USD/JPY

USD/JPY is at 117.11/15 with real money sellers seen keeping pressure on the currency pair. Real money accounts were among the buyers above 117.50 yesterday. Bids remain ahead of 117.00 and again at 116.80/90. JPY crosses are mixed with AUD/JPY and EUR/JPY still probing lows.

However, NZD/JPY has bounced back to 82.40, and is often a leading indicator for carry cross performance. Note that with US stocks bouncing that the VIX has declined further today as risk falls, and is also a positive sign for carry trades.

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