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It has not been an easy week for the Japanese yen. Over the last four trading sessions, USD/JPY has posted a move of only around 0.3%, reflecting a market that continues to lack clear direction and remains trapped in a phase of neutrality.
Joint US-Japan intervention has distorted some of the dollar's strongest relationships this year. That leaves EUR/USD testing major resistance under highly unusual circumstances.
Near the end of the session, the Japanese yen has started to show a slight recovery against the U.S. dollar. This movement is reflected in USD/JPY, which is down nearly -0.3% during the session.
The latest trading sessions continue to show weakness in the Japanese yen. This dynamic is reflected in USD/JPY, which has gained more than 0.7% over the last 3 sessions, highlighting the loss of strength in the Japanese currency.
At the start of the week, USD/JPY is once again showing notable buying pressure. Over the last few trading sessions, the pair has posted an average gain of more than 0.7% in favor of the U.S. dollar, beginning to erase part of the recovery attempt seen in the yen during the previous week.
Near the end of the trading week, one of the most relevant moves in the FX market has been the Japanese yen’s neutrality, even after the release of the US PCE inflation data. After the data was published, USD/JPY did not register a significant move, with price action staying close to 0.05%, reinforcing a phase of short-term indecision.
The trading week continues, and the Japanese yen’s lack of short-term strength is once again standing out. Recent USD/JPY price action shows the pair up slightly more than 0.2% over the last three trading sessions, suggesting that some buying pressure remains near recent highs.
A new trading week begins, and one of the factors that continues to stand out is the neutrality of the Japanese yen. Japan’s currency has struggled to recover consistent short-term appeal, something reflected in USD/JPY price action, with the pair moving around 0.1% over the last two sessions near the reference area of 160 yen per dollar.
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The British pound has been used as England’s central currency for over a thousand years. Read about its evolution from a coin literally weighing one pound to the banknotes common today. We also rank the next three oldest major currencies: the yen, ruble and dollar.
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