JPY Daily News

Yen Takes Losses Following Boost in Risk Taking

The yen was bearish for much of last week, following positive euro-zone news last week that boosted risk taking among investors. Losses were taken against many of its main currency rivals, including the euro and British pound. The EUR/JPY closed on Friday at 99.62, up almost 250 pips for the week. Similarly, the GBP/JPY saw significant upward movement to close out the week at 119.93.

Today, yen movement will likely be determined by euro-zone news, specifically on whether Greece will reach a deal with its creditors before defaulting on its debt. A successful deal may lead to risk taking among investors which could mean additional downward movement for the yen. Later in the week, traders will want to pay attention to Tuesday's Japanese Monetary Policy Statement. The statement is meant to illustrate the current state of the Japanese economy, including any future interest rate hikes. Traders can expect volatility following its release.

Current Time: 05/27 05:35 GMT

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