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JPY Daily News
Yen Continues to Weaken
The JPY is on its back foot versus the dollar and the euro as the currency continues to weaken following the G7 intervention and a renewal of the carry trade. As risk sentiment improves, traders have been quick to sell both the dollar and the yen as funding currencies for carry trades, helping to push the yen lower.
Yesterday the USD/JPY closed higher at 83.71 from an opening day price of 82.56. The close made significant headways on the charts, closing above the first resistance level at 83.30 above the falling trend line off of the September high.
Momentum has swung to the upside as the monthly chart shows both rising stochastics and increasing momentum. The monthly candlestick also closed on a hammer pattern, indicating further gains in the pair may be in store. Resistance comes in at 84.00. A breach above this level will target 84.60, followed by 85.90. To the downside, the previous trend line should be supportive at 83.35, followed by 82.55 and 82.00.
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