Forex News

Yesterday’s triumph of the currencies against the Japanese yen didn’t last too long. Today yen soared up to the two-week high against the euro and the Great Britain pound on the bearish stock market trading session.

Yen also rose against U.S., Australian and New Zealand dollars, but didn’t exit the medium-term bullish trend on the latter two. USD/JPY is going sideways on Forex for almost 3 weeks now. The Japanese yen also posted significant gains against the emerging markets’ currencies.

Today’s trend wasn’t very unexpected as it was mostly the consequence of the yesterday’s stock markets’ decline in the United States.

EUR/JPY went down from 156.46 to 155.58, losing more than half percent. GBP/JPY lost more than 120 pips, going down from 209.82 to 208.60 today. AUD/JPY lost about 0.5%, while decline on NZD/JPY is quite insignificant now.

Earlier News About the Japanese Yen:

• Yen Falls against High-Yeilders (2008-02-05)
• Japanese Yen Gains Sharply against Euro, Pound (2008-01-21)
• Foreign Currency Reserves Up in Japan (2008-01-10)
• Japanese Yen Down Today (2008-01-09)
• Kamezaki: Bank of Japan isn't Going to Cut Rate (2007-12-26)

This entry was posted on Wednesday, February 6th, 2008 at 11:01 am and is filed under Japanese Yen. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.