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Japanese Yen Finds Favor as Safe Haven Appeal Heightens Over Tensions in the Middle East

After weakening for several days over an improvement in market sentiment, the Japanese yen has surged to a nine-week high against the US dollar early on Friday over news of US-led airstrikes in the Middle East. At the time of writing, USD/JPY is trading around 108.06.

The safe haven appeal of the Japanese yen is back in focus over rising geopolitical tensions in the Middle East after US launched fresh airstrikes earlier today, taking out key personnel of Iran’s military and the militia. USD/JPY is trading at the lowest level seen since November following these latest developments.

Japanese markets are closed today on account of a holiday, heightening the volatility and exaggerating the moves of the yen against the dollar. Over the past few weeks, the Japanese yen’s safe haven appeal had been waning over positive developments in the US-China trade war towards finalizing and signing the phase one agreement.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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