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The tension between North and South Korea is still on, with movements on both sides. The North warns that the joint South Korean American naval  exercise is very dangerous and will bring the countries to the brink of war. It even fired warning shells near the island of Yeonpyeong, where the incident on Tuesday happened. The fire wasn’t directed to the South, but manged to cause panic in Seoul.

Still no word about the rumored death of Kim Jung Il.

In the South, the opposition blamed the government of being too hesitant and “lazy” against North Korea. The defense minister tendered his resignation and will immediately be replaced by a career military man – Reuters report.

Tension will rise on Sunday, November 28th, as the big four day  exercise will begin. The biggest vessel is the USS George Washington,  a nuclear powered aircraft carrier.

USD/JPY is moving up, but still within the 82.87 to 84.11 range. Fresh fire could bring it above 84.11. See more levels in the USD JPY forecast.

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