Deutsche Bank> $USDJPY will test in the short term the levels below 75 yen. They expect the greenback to trade sideways versus Japanese yen in the 78.00 area during the first half of 2012. According to the bank, the global economic slowdown will keep encouraging high demand for yen. Japanese monetary authorities will likely limit themselves by the verbal interventions as long as the exchange rate moves slowly. Later the pair will strengthen to 84.00 in the third quarter of 2012 and to 90.00 by end of the next year.

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