{"id":76725,"date":"2015-08-12T07:00:55","date_gmt":"2015-08-12T11:00:55","guid":{"rendered":"http:\/\/countingpips.com\/?p=76725"},"modified":"2015-08-12T07:58:21","modified_gmt":"2015-08-12T11:58:21","slug":"yen-gains-traction-as-risk-off-trade-emerges","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/08\/yen-gains-traction-as-risk-off-trade-emerges\/","title":{"rendered":"Yen Gains Traction as Risk off Trade Emerges"},"content":{"rendered":"<div id=\"inves-2967511808\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 12, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Article by <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/p>\n<p>The Peoples Bank of China devalued again, shifting the yuan\u2019s reference rate to 6.3306 versus the dollar, which is a 1.6% weakening of the Chinese currency relative to yesterday\u2019s 6.228, which itself marked a 1.9% depreciation. The USD\/JPY, meanwhile, logged a two-month high of 125.28 before tipping back to the 124.80 area, with the yen\u2019s inverse correlation with stock markets kicking in to support the currency.<\/p>\n<p>Similar to Tuesday, stock and commodity markets dove, and Asian currencies weakened. The Bloomberg JPMorgan Asia Dollar Index hit six-year lows. The Malaysian ringgit and Indonesian rupiah fell to levels not seen since the Asian financial crisis in 1998.<\/p>\n<p>The USD\/JPY is forming an outside reversal day lower which is a reversal pattern at the top of a trend.\u00a0 Wednesday\u2019s price action reflects profit taking as the yen takes over as the risk adverse currency. The exchange rate made a fresh high and is now trading below the 10-day moving average at 124.40.<\/p>\n<p>Momentum on the currency pair has turned negative as the MACD (moving average convergence divergence) index generated a sell signal.\u00a0 This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread.\u00a0 The index moved from positive to negative territory confirming the sell signal.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p><div id=\"inves-3290370860\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\">www.forextime.com<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Article by ForexTime The Peoples Bank of China devalued again, shifting the yuan\u2019s reference rate to 6.3306 versus the dollar, which is a 1.6% weakening of the Chinese currency relative to yesterday\u2019s 6.228, which itself marked a 1.9% depreciation. The USD\/JPY, meanwhile, logged a two-month high of 125.28 before tipping back to the 124.80 area, [&hellip;]<\/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-76725","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/76725","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=76725"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/76725\/revisions"}],"predecessor-version":[{"id":76731,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/76725\/revisions\/76731"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=76725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=76725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=76725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}