Signs of dollar weakness have propelled the yen to higher grounds in a rare moment of reprieve for the Asian currency’s proponents.
Currency speculators have many reasons to be thankful but dollar bulls are among the most thankful this year.
In the absence of major market-moving news, the market moved as the dollar sold off across the board. What happened?
Overflowing bidding is inflicting pain over at the bears’ camp and to Japan’s government, which is keeping tight-lipped on a potential intervention.
The Bank of Japan issued a warning on reversing its yearslong ultra-loose monetary policy. And it sent bulls charging.
Last week’s slight monetary policy tweak from the Bank of Japan could be the start of the bank’s catch-up play in the grand scheme of interest rates.
The USD/JPY soared to a one-year high moments before Japan officials vowed to fight the sharp devaluation of the yen.
The Japanese yen is the world’s worst performing currency this year, having erased more than 13% of its valuation.
The USD/JPY is in a cliffhanger moment, dangerously floating around the intervention mark. What’s next? Not much that markets are aware of.
Traders are looking for fresh clues into a possible intervention from Japan’s officials. All they get is radio silence.
The safe-haven allure of the yen amid geopolitical tensions is gradually slipping as investors pivot to the mighty US dollar.
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