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The base currency Euro (EUR) is a high yielding currency. On the other hand, counter currency Japanese Yen (JPY) is historically low yielding. This provides ground for 'carry trade' in which traders cheaply borrow JPY to purchase EUR. Resultantly, the pair is easily affected by broad-based market emotions. Besides, the fickleness of pair can also be found in news on the anti-deflation policy put forth by the Bank of Japan and of the Eurozone debt crisis.
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