Gains on Wall Street and an Indecisive ECB Leads JPY Higher
Posted on 20. Apr, 2009 by admin in JPY Economic News, Japanese Yen, Japanese Yen Currency
The Japanese Yen appears to be on the receiving end of large buying session as traders pounce into the Asian currency to hedge against less certain investments like the EUR, GBP and even the U.S. Dollar. Dropping below key support levels against the EUR and GBP, the JPY appears to be on a fresh bullish run which could have much more room to grow if markets continue like they have the past few days.
Slicing through the 145.80 price level against the Pound, and below 129.00 against the EUR, the Yen’s recent strength may have much to do with the recent uncertainty in monetary policy decisions within the European Central Bank (ECB) and the rising uptrend in the U.S. stock markets. As usual, this week will not be seeing much economic news coming from the island economy, but with so much attention focused on Wall Street and a stale-mated ECB lately, Japan may not need to take the reins to steer its own market to new heights. Traders should be keeping an eye on the European markets this week as its news will no doubt be the guiding force behind this week’s market.
