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USD/JPY Approaching BOJ Intervention Levels
The JPY has been trading with largely positive results since Friday as investors turn their focus towards news out of Europe. After a week of ups and downs, the Japanese yen appears set to make gains today as investors largely flee riskier assets. The low interest rates of the Japanese economy have helped pull many investors into the safety of the yen following yesterday's downgrade of Greece by S&P's ratings agency. Rumors of Greece's exit from the euro zone last week have also sent traders fleeing for safety.
With Japan largely absent from today's economic calendar, traders still appear to be anticipating another bullish run in the JPY, though not brought about by Japanese market fundamentals. The recent flight to safety has helped the JPY, but a number of analysts and traders are beginning to wonder if or when the Bank of Japan (BOJ) will intervene in the forex market. The USD/JPY is rapidly approaching its intervention level near 80.00; what will happen beyond that point is up for debate, but many believe the BOJ simply cannot afford a stronger yen and will therefore intervene sometime in the days ahead.
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