The JPY is treated by investors as a mini safe haven in times of risk aversion, which has enabled it to remain stable against the USD and strengthen against the EUR.
日元在风险规避时往往被投资者看作一个小型的安全天堂，这使得日元对美元能够保持平稳并且对欧元能够稳步强势。
To further illustrate this point, let's assume that the only currency that moves is USD, while the two other currencies (JPY and EUR) remain flat.
为了进一步解释这一点，我们假设只有美元是波动的，另两种货币（日元和欧元）保持不变。
We look for the USD to gain further ground in the weeks ahead, especially against EUR and JPY.
我们预计美元在接下来几周扩大涨幅，尤其是兑欧元和日元。
Market test BOJ resolve on intervening the JPY. The support below 103jpy was strong. Wait to sell USD AT 103.75jpy with stop AT 104.45jpy.
市场正测试日本央行的底线，惟美元在103日圆之下的支持甚强，可等候于103.75建立美元淡仓，止蚀设于104.45。
Our cycles call for the USD/JPY to form at least an intermediate peak by Friday and then decline for a week and probably two weeks.
趋势显示美元日圆在周五至少会形成中期高点，然后开始下跌一个星期，有可能两个星期。
Our cycles call for the USD/JPY to form at least an intermediate peak by Friday and then decline for a week and probably two weeks.
趋势显示美元日圆在周五至少会形成中期高点，然后开始下跌一个星期，有可能两个星期。
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