JPY Trading Outlook
The Japanese Yen (JPY) was little changed against the USD as both were sold in risk on trading. USD/JPY traded in a 20 pip range and was unaffected by the BOJ announcements of further easing measures or by Finance Minister Azumi&rsquo s Jawboning. AUD/JPY broke above the key Y80 level is looking to extend gains as investors flood back into the risk trade.
The Japanese Yen (JPY) traded in a range around the Y76 level finishing near highs at Y76.20 ahead of the BOJ meeting later today which may announce new asset buying programs to help companies combat the strength of the Yen. Yen Crosses are soaring in response to the risk on rally. Looking ahead, BOJ Meeting ahead forecast to hold at 0.1%.
The Japanese Yen (JPY) fresh all time lows were seen on the USD/JPY under Y75.80 overnight briefly before the pair bounced back to Y76. The verbal intervention out of Japan in growing louder with Fin min Azumi talking daily about the ability of the BOJ to do what is needed to stop speculators hurting the Japanese economy. Looking ahead, September Retail Sales forecast at 0.1% vs. -2.6% previously.
The Japanese Yen (JPY) the excitement dies down on the USD/JPY which had hit fresh all-time lows on Friday and found support at Y76 twice overnight. Yen crosses helped support the major with EUR/JPY and AUD/JPY both extending gains.
The Japanese Yen (JPY) broke out of range to the downside and fresh all-time lows under Y76. The USD weakness was the main catalyst but the Y75 is widely seen as a level that main prompt intervention from Japanese Officials in either a verbal or real way. EUR/JPY and AUD/JPY are higher on the major& rsquo s rally but these are largely dependent on whether a positive EU debt solution is found by Wednesday.
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