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JPY Daily News
Yen Falls and Aussie Dollar Rise as Market Fears Ease
The yen continues to weaken in the face of the European debt crisis. Yesterday the Japanese currency was down sharply as traders looked to riskier, higher yielding assets.
The USD/JPY rose to its highest level in 3-months to a price of 84.38. The pair ended the day up at 84.15 from an opening day price of 83.52. The EUR/JPY was up sharply at 110.43 after opening at 108.67.
With risk trading on, the Aussie dollar was also a strong performer yesterday. The AUD/USD rose to a high close to 0.9700. However, the pair shed much of its gains and fell to 0.9640 following the release of less than expected retail sales. The monthly data shed 1.1% on expectations of a 0.4% increase.
Both the yen and the Aussie dollar will be affected by the US data releases later today. Events in Europe will also influence the movements of the Asian currencies. As such, traders should be following the US weekly unemployment data and comments from ECB President Jean-Claude Trichet. USD/JPY support and resistance are 83.35 and 84.40.
The daily chart shows the AUD/USD tested but failed to breach the bullish trend that begins in early June. This may be a good spot for traders to go long with a protective stop underneath the trend line.
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