The Japanese yen climbed against most major currencies today as the trade war between the United States and China continued to cause risk aversion on markets. Japan’s macroeconomic data was disappointing, but as it often happens, the currency paid little attention to domestic economic reports.
The Japanese yen was largely flat today as trading was somewhat directionless during the current trading sessions, and markets were in a consolidation mode. Over the longer-term, though, the currency should be well-supported by factors that are negative to the risk sentiment.
The performance of the Japanese yen was not impressive today despite a surprisingly good report about Japan’s economic growth. The currency fell versus the Swiss franc and was about flat against most other major rivals.
The Japanese yen today rallied against the US dollar driven by the risk-off sentiment, which dominated markets from the early European session. The USD/JPY currency pair extended its losses in the early American session following the release of disappointing US retail sales report.
The Japanese yen surged against the majority of most-traded currencies today as the negative market sentiment drove investors towards safer assets. The yen posted losses versus the Swiss franc, which also profited from its role of a safe haven, though by now the Japanese currency has trimmed its losses.
Under the 110.27 support area and still with an overall bullish bias, the US dollar versus the Japanese yen currency pair has what it takes for yet another upwards move.
The Japanese yen was soft today as the market sentiment was stable despite the United States implementing additional tariffs on Chinese imports. News from Japan itself was good for the most part.
The Canadian dollar versus the Japanese yen currency pair is now at the important support level of 81.38, an area which could have already given sings of weakness, but it could also turn out to still be the support everyone is expecting it to be.
The Australian dollar versus the Japanese yen currency pair followed its course after confirming the 80.54 resistance and dropped to the 77.47 support, an area from which it has to decide where to go next.
The Japanese yen is roaring against several of its major currency rivals on Tuesday, buoyed by positive manufacturing numbers. But the gains were slightly capped on concerns over the intensifying trade war between the world’s two largest economies and what their fallout might mean for Tokyo.
