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25 November 2022 | Other

Yen traders encouraged by further rise in Japanese currency

AUDJPY
EURJPY
GBPJPY
NZDJPY
USDJPY

Traders are encouraged by the further strengthening of the yen, which has recently been under pressure.

The dollar-yen pair broke the uptrend and is paving the way for further decline. From the low reached by the currency back in October, the yen railed almost 8% against the dollar.

According to Pepperstone Group Ltd, traders are keeping a close eye on the November lows for the dollar-yen pair. A breach of this currency pair could start a bearish trend at 134 yen per dollar toward the pair's 200-day moving average.

In a note, head of research Chris Weston wrote that clients are perfectly split on short-term direction. A closing break below the lows of November would probably see momentum accounts look to increase short exposure. 



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