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Japanese Yen Mixed in Forex Trading

December 12, 2011 at 14:26 by Miranda Marquit

Various Japanese yen notesJapanese yen is mixed today in forex trading, gaining against the euro, but down against the dollar and the pound. With the concerns in the eurozone right now, it’s no surprise that the yen is higher against the 17-nation currency.

The big news dominating the Forex landscape today is that a number of European countries are facing a downgrade. The result of the uncertainty regarding the short-term fate of eurozone countries has been cautious trading. In the Asian session, trading was muted, and the yen found some support.

Right now, ahead of the US session, European stocks are lower, and US stock futures are pointing to a lower open. This is creating a situation of risk aversion, generally favoring more stable currencies like the dollar and the yen.

Yen isn’t doing as well against the pound, though. Even though the pound is down against the US dollar, it is higher against the yen. Additionally, the yen is also down against the US dollar. In such situations, the yen usually has the upper hand, but not today.

For now, though, it is fairly safe to assume that the yen will remain higher against the euro at least. And we will have to wait for further developments to see where the currency will go next.

At 14:25 GMT USD/JPY is higher at 77.8960, up from the open at 77.6885. EUR/JPY is lower at 103.2350, down from the open at 103.9615. GBP/JPY is higher at 121.6510, up from the open at 121.5950.

If you have any questions, comments, or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

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