The Japanese Yen (JPY) trades lower against most counterparts on Monday as the overall positive market mood tends to favor riskier currencies and not safe havens like the Yen.
The Japanese Yen weakens on Monday as the market mood turns upbeat. The BoJ gives mixed signals, saying it is normalizing on the one hand but then still easing. USD/JPY shows signs of weakness as the Federal Reserve is widely expected to keep rates unchanged, undermining USD. The day’s temporary weakness is in line with the longer-term trend. Since 2021, the Japanese Yen – measured by the FXCM Index, which tracks the currency’s value against a basket of peers – has fallen over 33% in value.
Japanese Yen technical analysis: USD/JPY bear flag risks reversing short-term uptrend USD/JPY – the amount of Yen that one Dollar buys – rises on Monday amidst a more upbeat market mood. From a short-term perspective, the pair’s uptrend is perilously close to reversing. A break below the key 148.80 low of October 30 would provide evidence bears finally have the upper hand, as it is the last major lower high of the short-term uptrend.
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