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The Greek vote on the currency markets

USDJPY News by Newsroom on 16:43 July 05, 2015 EST

With Greeks voting "OXI" to the latest proposal from its creditors forex markets open in Asia with the Japanese yen returning to its historical role as a safe heaven.

The most traded pair EURUSD is lingering at 1.10 gapping down by about one cent but the real barometer is now the Japanese currency. The Yen appreciates strongly against all majors and, in particular, one of the most risk correlated pairs the AUDJPY is presently crumbling and it has pierced a multi year trendline after losing a 1.6% .

USDJPY is still holding its long term supporting Moving Averages and EURJPY is also on its way down but, considering the instability in the Eurozone the pair remains stronger than expected as GBPJPY loses are bigger than that of the single currency.


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