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There goes the Yen

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. 


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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.
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