6 August
Yen traders encouraged by further rise in Japanese currency
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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