JPY Trading Outlook
The Japanese Yen (JPY) is being kept very contained against the USD with the BOJ verbal intervention support at Y76.50 and safe haven demand capping rallies towards Y77. Crosses were heavier though with AUD/JPY dropping below Y80 and EUR/JPY slipping back below the key Y110. Plenty of range traders are cashing in the on the 10 day 50 pip range on the USD/JPY with well-defined entry and exit points.
The Japanese Yen (JPY) USD/JPY refused to move out of the stranglehold of the recent 5 trading days with only the crosses showing signs of life. AUD/JPY tested Y81 and EUR/JPY tested Y111 but was able to break these resistances and fell back with US stocks into the close. The BOJ Governor Noda continues to comment daily that the central bank will intervene if the currency moves too quickly.
The Japanese Yen (JPY) USD/JPY moved cautiously with little interest to break out of the recent range. Crosses were mixed with AUD/JPY falling with stocks whilst GBP/JPY pushed higher with the stronger UK CPI. Stock market movements will continue to direct the safe haven currency for the rest of the week.
The Japanese Yen (JPY) lost ground against most currencies as the safe haven was sold for riskier currencies such as the AUD and EURO. The USD/JPY remained quiet waiting for a catalyst out of the current range. Better than expected Q2 Japanese GDP is helping keep risk appetite strong.
The Japanese Yen (JPY) seemed content to remain in a well-defined Y76.50-Y77 range with the action left to the crosses which rallied with the notable exception of CHF/JPY.   AUD/JPY and EUR/JPY are targeting the key resistances at Y80 and Y110.
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