Despite a GDP report showing that the Japanese economy grew at a strong rate in the last quarter of 2009, other market concerns weighed down on the Yen in trading today. Analysts do not predict that Japan will be able to maintain its current rate of growth. Furthermore, it appears that as China continues to execute its new monetary policy, the Yen suffers as a result. Fears that the Chinese actions could slow down the global economic recovery have not bode well for JPY. Currently USD/JPY is trading at around the 90.18 level, up almost 20 pips from when the market opened earlier. Traders may want to go long on the pair today as it appears that the greenback will maintain its gains in the near future.
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