Source: ForexYard
The USD/JPY stabilized around 81.16 Thursday afternoon after the dollar made a huge jump on the Japanese currency today. Just as the greenback made huge gains against the euro following comments from Fed Reserve Chair Bernanke indicated that a new stimulus package would not be necessary. The greenback is also bouncing off of the Bank of Japan’s monetary easing move that since being implemented weeks ago has set off a downward trend with the yen. While the USD/JPY does seem to be stable for now, analysts have not yet expressed confidence that the yen has fully bottomed out following the measures taken by the BoJ.
Traders should note that heavy fluctuations are predicated next week as a batch of significant U.S. news is forecasted to be released. Positive indicators may cause the yen to extend its recent bearish trend.
Read more forex news on our forex blog.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
