Japanese yen is mostly rangebound today as Forex traders wait for the latest data out of the United States. Yen has been reasonably strong recently and remains relatively strong as uncertainty continues in the market.
Yen has been showing strength lately, gaining close to 10 per cent against the US dollar since the beginning of February. There have been a few hiccups hear and there, but for the most part, the yen has been quite stable, even following recent earthquakes.
Much of the yen’s recent strength is the result of risk aversion. Market uncertainty has made a stable safe haven like the yen desirable. With oil swinging and worries about Greece in the eurozone and a possible Brexit, there is a lot of deal with right now. As a result, yen has been somewhat strong due to the prevailing risk aversion.
Yen is pulling back against its European counterparts today, but it is still relatively strong against the US dollar.
At 14:08 GMT USD/JPY is lower, falling down to 109.6350 from the open at 109.8450. This is a far cry from the days of the 120 level. EUR/JPY is higher, moving up to 124.7160 from the open at 124.0880. GBP/JPY is also gaining, heading up to 158.0190 from the open at 157.4330.
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