Yen Rebounds After Decline

The Japanese yen rebounded today as economists speculated that the currency fell too much to fast. The currency may also rise as investors remained a little cautious about the global growth, but fundamentals still remain somewhat unfavorable for the yen.
The yen was previously falling as market sentiment turned to optimism and Japan’s policy makers were talking about an intervention. The currency has reached an 11-month low versus the dollar last week and has fallen for five straight sessions against the euro. The yen rebounded today, but the economic environment still doesn’t look supportive to the Japanese currency.
USD/JPY fell from 83.37 to 83.17 and EUR/JPY dropped from 109.88 to 109.45 as of 12:04 GMT today.

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