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JPY Daily News
JPY Continues to Drop against USD
The yen continued to fall against the dollar throughout the day yesterday, as investors continue to shift their funds toward safe haven assets. Negative news out of Europe has continued to boost the dollar, often at the expense of the Japanese currency. The USD/JPY hit a three-week high yesterday, although the pair seems to have now stabilized and may even see a downward trend ahead of the Christmas holiday.
Against the euro, the yen has fared significantly better. The EUR/JPY pair has dropped very close to the psychologically significant 101.00 level. Should the pair breach that support line, further downward movement may take place.
Turning to today, the low liquidity environment in the marketplace means that current trends will likely maintain. That being said, traders will want to pay attention to the US news set to be released today. Any surprise results will likely impact yen pairs.
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