Yen

A less-dovish BOJ may have strengthened the yen while weak tech earnings weighed on Wall Street Thursday, but these patters could persist on Friday if they follow their usual pre-election path looking, according to historical data.

Stronger EU data and pushback on cuts from ECB sent EUR/USD up to its 200-day MA ahead of risk events. I also assess the trend structures of yen pairs to sort the good from the bad.

Yen-weakness has remained through Japanese general elections and both EUR/JPY and GBP/JPY have put in clean breakout moves from ascending triangle formations.

For FX traders the USD/JPY backdrop has been full of intrigue for the past couple years, and that story isn’t yet over as the pair nears the spot that’s been the scene of some major drama in the pair after the build of the carry.

The yen suck in safe-haven flows on reports that the US government is considering limiting exports of AI chips. And given we have risk events and a US election looming, investors are likely questioning how exposed to risk they really want to be.

USD/JPY bears hit back last week with a move of more than 500 pips; but they shied away less than eight pips away from a re-test of the local low.

The massive “yen carry trade” unwind was technically- and sentiment-driven, and could absolutely run further after pausing for a few weeks. EUR/JPY and GBP/JPY are in play.

It’s been a busy and messy week across global macro markets. The push points behind the tumult are parsed through in this piece.

There’s been a change of pace in the Yen over the past month. GBP/JPY is testing support and USD/JPY is threatening a bullish move after the build of a falling wedge.

USD/JPY has tip-toed above the 150.00 level again, briefly, and this instance has not been met with a 260-plus pip sell-off. The Bank of Japan waits in the wings for next week, just ahead of the FOMC.

With EUR/JPY and GBP/JPY testing critical support, price action over the next 30 hours will go a long way toward determining if the year-to-date trends extend or end from here...

USD/JPY has put in a massive move over the past week in what began as a resistance reaction, and then took on a life of its own as the US Dollar drove to fresh yearly lows.

USD/JPY has put in a massive move over the past week in what began as a resistance reaction, and then took on a life of its own as the US Dollar drove to fresh yearly lows.

The yen has rallied across the board over the last week+, but traders may now look to take profits on USD/JPY, EUR/JPY, and GBP/JPY ahead of the weekend...

The USD/JPY trend has remained strong and price is now encroaching on ground that began to bring intervention fears last year.

USD/JPY has broken out to a fresh monthly high and Thursday of this week brings Japanese CPI numbers after a noticeable drop in Japan’s inflation last month.

Learn about the 10 most traded currencies like the dollar, euro, and yen and why forex traders prefer trading these major currencies.