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Yen might lose grip as stocks recover from Greek hang over

This week, Yen has remained one of the top performing currency as Safe haven bids have kept it buoyant even against dollar.

However signs are becoming plentiful that stocks are recovering from their Greek hangover.

US benchmark S&P 500 is up 0.5% today, while Dow jones up 0.6%.

Story is similar across European continent. Switzerland is up 1.2%, UK's FTSE 100 is up 1.3%, European blue chip Eurostxx50 is up 1.5%, German DAX is up 1.9%, France's CAC40 is up 1.5%, and Italy's FTSE MIB is up 2.4%.

Story has been similar across Asia. Japan's Nikkei closed 0.5% plus in the morning, Indian benchmark is up 1%, Australian benchmark up 1%.

Above movement in stocks point that Greek remains of lesser concern and risk aversion is fading significantly.

This makes yen very vulnerable, the question which pair to short it against.

Yen can be shorted against combination of currencies such as US dollar and Indian rupee. Rupee has performed very well appreciating against dollar, while others tumble.

Dollar-Yen is currently trading at 122.9 while Yen- Rupee is trading at 0.5166.

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