Yahoo Finance Yen Traversing Weaker Range
The Yen has weakened in recent trading against the U.S Dollar as risk appetite has not entirely disappeared among Asian traders. If U.S equities produce gains in the short-term, Japanese equities may see additional buying too, which could spark further Yen weakness.
An Opportunity for Yen Traders Emerging
The Yen should be watched carefully in the coming days. The Japanese currency has seen weakness emerge again and is traversing below the 113.00 level against the U.S Dollar.
If the 113.00 resistance juncture can be broken the Yen may see further erosion against the U.S Dollar.
Mid-Term Yen’s Intriguing Range
A mid-term chart clearly shows the Yen is in the middle of a range versus the U.S Dollar, but a recent surge in weakness the past week has re-ignited speculative curiosity.
The Nikkei saw cautious selling today, but Asian investors may find risk appetite escalating tomorrow if U.S equity markets experience upwards momentum.
Speculative Tests Likely for Yen
A long-term view of the Yen shows a consistent cycle of values. Traders could not be faulted for believing the Yen may see the U.S Dollar bought against the Japanese currency as it retraces known boundaries.
The Yen will certainly provide speculative opportunities in the near term, and traders may look for additional weakness and a test of higher resistance levels near 113.45 against the U.S Dollar.
In the short term, we believe the Yen may be negative. In the mid-term and long-term, we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
