JPY Daily News

Yen Continues to Slide across the Board

The yen took heavy losses throughout the day yesterday and into overnight trading. The currency hit a six month low against the US dollar, an 11-month low against the euro, and a staggering 2-1/2 year low against the aussie.

Analysts attribute the yen's bearishness to the prospect of a euro-zone interest rate hike tomorrow. In Japan, the devastation brought by the earthquake and tsunami last month have made the prospect of an interest rate hike practically non-existent at least for the near future.

Turning to today, a lack of significant news out of Japan means that yen values will continue to be determined by the news out of Europe. While it is possible that the yen may hit some strong support levels, traders should not count on any significant breakthroughs that could help the yen recoup some of its recent losses.

Current Time: 05/27 00:37 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
04/06
	06:00	JPY	Leading Indicators		101.5%	104.3%	104.2%