{"id":60244,"date":"2014-09-12T02:17:19","date_gmt":"2014-09-12T06:17:19","guid":{"rendered":"http:\/\/countingpips.com\/?p=60244"},"modified":"2014-09-12T07:04:16","modified_gmt":"2014-09-12T11:04:16","slug":"yen-weakens-further-as-dollar-rallies-to-6-year-high","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/yen-weakens-further-as-dollar-rallies-to-6-year-high\/","title":{"rendered":"Yen weakens further as dollar rallies to 6-year high"},"content":{"rendered":"
September 12, 2014<\/div>
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Article by ForexTime<\/a><\/p>\n

USD\/JPY and most of the JPY crosses traded higher in Asia, albeit modestly with the long Japanese weekend inhibiting aggressive trading. Already biased up early on expected pre-weekend\/Gotobi Monday demand, USD\/JPY edged up from 106.97 to 107.39. Light stops were taken out above yesterday\u2019s 107.20 high. A smattering sales from Japanese exporters\/profit-takers on the way up kept the rise modest. With Japanese officials officially mum on current FX levels and BoJ Gov Kuroda nonchalant on JPY weakness as per comments yesterday and alongside Japan Inc, more upside is likely. 107.50 optionality is being targeted with more seen from 108 to 110. Mr Kuroda is unlikely to say much more tonight as he addresses a graduation ceremony. EUR\/JPY traded up on the coattails of USD\/JPY from 138.27 to 138.73 on low volume. GBP\/JPY kept moving higher, up from 173.71 to 174.32 with fresh polls on Scotland independence favoring the nays. NZD\/JPY traded 87.45-73, capped by AUD\/JPY weakness. The latter fell back a bit more from 97.49 through 97.20 support and stops to 97.13 before steadying. Fresh EM Asia\/China worries and carry trade paring weighed despite yesterday\u2019s stellar jobs data.<\/p>\n

EUR\/USD and the EUR complex look to end the week on a whimper rather than a roar with interest having faded considerably after last week\u2019s post-ECB fireworks and attention elsewhere. EUR\/USD saw yet another inside day, holding quietly between 1.2914-30 with few flows noted. It could remain quiet into next week and the FOMC. For now, it is seen stuck between 1.2850-1.3000. Stops are eyed below and above these levels. EUR\/JPY was bid, up from 138.27 to 138.73 on the coattails of USD\/JPY. Volume was low. EUR\/AUD was also better bid on broad AUD weakness linked to EM Asia weakness and paring of carry trades. From 1.4149, it traded up to 1.4252. EUR\/GBP saw some bounce after the push down from 0.7978 last night, up modestly from 0.7941 to 0.7959. Polls on Scotland independence now seem to favor the nays however. EUR\/CHF did absolutely nothing, treading water between 1.2092-98. Given dovish comments from ECB officials last night and expectations of a more hawkish Fed, EUR\/USD may only be pausing ahead of fresh weakness.<\/p>\n

GBP\/USD fell back a bit from an early high of 1.6277 to 1.6229 on long liquidation. The latest poll showing rejection of Scotland independence remains supportive.<\/p>\n

USD\/CHF treaded water between 0.9357-67 with few flows noted.<\/p>\n

AUD\/USD opened in Asia at 0.9100 and fell more from an early high of 0.9109 to 0.9060. Initial purchases from local exporters was followed by fresh sales as more carry trades were taken off, sending it through stops below 0.9080 to the low. With plenty more AUD carry trades to be unwound, especially against JPY, the bias could remain down unless concerns over China growth and EM Asia abate. The FOMC meeting results will also be eyed closely by AUD players.<\/p>

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

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Article by ForexTime USD\/JPY and most of the JPY crosses traded higher in Asia, albeit modestly with the long Japanese weekend inhibiting aggressive trading. Already biased up early on expected pre-weekend\/Gotobi Monday demand, USD\/JPY edged up from 106.97 to 107.39. Light stops were taken out above yesterday\u2019s 107.20 high. A smattering sales from Japanese exporters\/profit-takers […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-60244","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=60244"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60244\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=60244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=60244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=60244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}