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- The Yen Is Ready for the Christmas Party
The Yen Is Ready for the Christmas Party
Another wave of the US Dollar's weakness is gaining momentum. The Yen looked undervalued due to a still high degree of scepticism about the possible changing of the policy of the Bank of the Japan, which used to be extremely loose for more than 25 years. Now, when the situation became slightly different after the governor Mr Ueda at least decided to discuss hypothetical tightening options, the USD/JPY got a historical chance to follow the mainstream move on the Forex market. Asia Pacific currencies, including Aussie and Kiwi, re-establish their record prices since July against the Greenback. South ocean currencies were muddling around compared to the Pound Sterling, the Euro or the Swiss Franc, when most traders openly preferred U.S. Dollar fast selling in favour of its rivals to follow the Federal Reserve's rate cut projections on December 13. This week began with a short retreat in this trending move even in case of European currencies. However, the entire basket of non-Dollar currencies is rapidly strengthening. So, I would expect the USD/JPY to finally join the party, as it has enough space from current levels still above 143.50 to test the area between 141 and 142 where it already fell last Thursday. When selling the USD/JPY, I personally put my stop loss levels to 145.00 (just above today's intraday high), which gives me a nearly 2:1 profit/risk ratio.
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