JPY Daily News

Yen Recoups Losses against Dollar

After tumbling against the US dollar for the last several days, the yen began to recoup its losses in yesterday's trading session. Since yesterday afternoon, the USD/JPY pair has dropped close to 50 pips. Currently trading around the 83.87 level, it now looks like it may be a good time for traders to begin shorting the pair at a great entry price.

Analysts have attributed these yen gains to mixed US economic data, as well as continued fears about the long term prospects for the US economic recovery. Today, with no significant economic indicators out of Japan, yen values are likely to be determined by any news out of the EU Economic Summit. While the euro recorded some small gains against the yen in overnight trading, confidence in the euro zone still remains low. That being said, should the summit yield any concrete steps toward full economic recovery, the yen could hit a bearish trend to close out the week.

Current Time: 05/27 04:56 GMT

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