The Japanese yen gained today as another earthquake in Japan turned investors away from
Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA, commented on the new trend of the yen:
Weâve had a nice run in risk trades in the past couple of weeks, and along with it the yen has moved significantly weaker after the G-7 intervention. A lot of market participants see the trend and like the trend but are finding it difficult to buy further from these levels, and the aftershock was enough to give the market a little bit of pause.
USD/JPY fell from 84.85 to 84.68 as of 15:20 GMT, dropping for the third straight day, after it earlier rose to 85.15.
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