USD/JPY Technical Analysis Aug 1, 2011

The USD/JPY fell apart on Friday as the US GDP numbers came out poorly, and the Congress is still failing to come to any kind of consensus as to what to do about the debt limit talks. The USD is getting punished all over, and this pair is no exception. It should be noted that it is now trading at the same levels that saw intervention previously. With the Bank of Japan increasing the rhetoric, we are still clear of this trade.

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