JPY Daily News

Yen Closes a Bearish Weekly Session

The Japanese yen fell against most of its major counterparts during last week's trading session. The yen fell about 100 against the U.S. dollar, and the USD/JPY pair is now trading near the 84.00 level. The yen also saw a 200 pip fall vs. the British pound, as the GBP/JPY cross reached as high as the 133.00 level.

The yen fell last week as positive indications from the U.S. economy have turned investors to look for risker assets, such as the British pound. It was reported last week that the American trade deficit surprisingly shrank during November. In addition, the amount of individuals in the U.S. that filed for unemployment benefits for the first time has also decreased during the past week. These have supported optimism that the U.S. economy is indeed recovering, and has reduced risk-aversion in the market.

As for the following week, traders are advised to follow the Tankan Manufacturing Index and the Tertiary Industry Activity report, as these are likely to have a large impact on yen's trading. Traders should also follow the leading economic updates from the U.S. and to take under consideration that further positive results from the U.S. economy may weaken the yen further.

Current Time: 05/27 00:23 GMT

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