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JPY Daily News
EUR/JPY Trading Near 1-Week High
The Japanese yen saw a bearish trend against most of its major rivals during yesterday's trading session. The yen dropped about 150 pips against the euro, and the EUR/JPY is trading near a weekly high. The yen also saw modest losses vs. the U.S. dollar and the British pound.
The yen weakened during yesterday's trading as U.S. stocks rose, and on speculations that global economic recovery is likely to proceed at a faster pace. This has increased risk appetite in the market, and as a result declined demand for the yen. It currently seems that investors have more confidence in the recovery of western economies, and as a result are reducing demand for safe-havens, such as the yen. If the leading economies will continue to provide positive data, the yen might see further bearishness versus its rivals.
Looking ahead to today, Japanese banks will be closed in observance of Culture Day. Traders are advised to follow the major updates from the U.S. as they are likely to have the largest impact on the market. Special attention should be given to the U.S. Congressional Elections results, as updates are likely to be released throughout the trading day.
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