There goes the Yen - Forex News by FX Leaders

There goes the Yen

Posted Tuesday, July 26, 2016 by
Skerdian Meta • 1 min read

The Japanese Yen has taken off and there isn´t any clear reason why. Yesterday USD/JPY was trading in a tight range around the 106.50-70 region, this morning it is more than 250 pips down. Apart from the SPPI which is the services bought by corporations that remained the same at 0.2% against 0.1% expected I can´t find any other economic data to justify this move.

At first glance, this seems to be a risk off move, you know when the forex market gets all scared, usually for no reason, and every forex trader rushes off to buy a handful of Yen, which is a safe haven currency. But no, that´s not the case today, this seems more like a USD weakness because the Buck is down in other fronts as well. The Kiwi and the Aussie are about 70 pips up against the USD overnight. Well, I´ll just have a thorough look around to see what has happened overnight and will keep you updated.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
During Thursday's Asian trading session, the WTI crude oil failed to maintain its previous day bullish trend and dropped around below the $5
18 hours ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of