Yen(JPY)

    Yen Jolted by North Korea Ramifications

    3 months agoByYaron Mazor

    The Yen continues to pick up momentum on safe-haven trading as the North Korea situation escalates. Important support levels may continue to be tested in the coming days if safe haven trading grows among Asian investors.

    Yen Attracting Safe-Haven Investors

    The Yen has seen a wave of safe-haven strength this morning as the ramification from the growing North Korea tensions scare investors.

    The Yen is trading near 109.50 against the U.S Dollar in early trading and may be ready to test important support.

    USD/JPY 1H Chart
    USD/JPY 1H Chart

    If the U.S Dollar continues to be sold against the Yen, the next important support level for the Japanese currency could prove to be 109.00.

    Yen Strength Growing

    The Yen has come off major weakness since mid-July when it was near 114.00. As investors have begun to perceive the U.S Federal Reserve will be less aggressive, the Yen has been gotten stronger.

    USD/JPY 4H Chart
    USD/JPY 4H Chart

    With the additional ingredient of risk adverse trading entering the trading landscape, selling of the U.S Dollar may continue against the Yen if market sentiment remains fragile.

    Yen Could Test Long Term Support

    The Yen is also approaching important long-term support levels. If the Japanese currency breaks below support near 109.00 and continues to get stronger it could set up a test of trading ranges not seen since October of 2016.

    If North Korea geopolitical tensions continue to develop, trading in the Yen is likely to remain nervous over the next few days.

    USD/JPY Daily Chart
    USD/JPY Daily Chart

    In the short term, we believe the Yen may be positive. Mid-term and Long-term we are unbiased.

    Yaron Mazor is a senior analyst at SuperTraderTV.

    SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

    Favorites

    SymbolLast PriceChangeChart

    Live Quotes

    Top Promotions
    Top Brokers

    FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
    FX Empire may receive compensation from the companies featured on the network.

    All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.