Japanese yen considered one of the safe havens in the fx market despite having a negative interest rate. This past week the yen has lost attraction due to risk sentiment being softer and commodities gaining traction. The Week ended in a spinning top , rejecting the 61.8 retracement but also ended the last day of the week in bullish posture. The next daily candle should confirm the direction of the yen for this week as GDP QoQ and current account take the headlines on the economic calendar. Upside tested by $.009290 (1M 38.2% retracement- $.009340 (1W 200ema/1M 50ema - $.009370 (1W 76.4% retracement)- $.009500 ( 1M 61.8% retracement/December 18' High).
As of 6-4-19 Large specs have decreased net shorts by 11.2k
As of 6-4-19 Large specs have decreased net shorts by 11.2k
