Traders caught out as yen breaks range
LONDON - The yen's sudden break from its trading range last Wednesday (July 8) has left dealers and speculative traders nursing potentially hefty losses, traders have told FX Week .
The USD/JPY crossed the lower level of the ¥95-¥100 trading band last Wednesday, in a volatile 2% intra-day move and by Friday had sunk to ¥93.02. De-leveraging of carry trades led by Japanese margin traders was blamed for the sudden slide in yen. This was supported by anticipation of negative second-quarter
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