The Japanese yen quietly crept up to be the strongest performer this week. The Bank of Japan maintained its current stimulus measures. However, this did not hurt the Japanese yen, which could be boosted by safe-haven flows amid high global geopolitical tension. Let’s take a look at the USD/JPY, EUR/JPY, and GBP/JPY pairs.
The USD/JPY failed to hold above 102, and fell below a rising trendline support from mid-July. Price action this week refocuses the pair toward the 101-101.10 July lows and the 100.75 lows on the year. The EUR/JPY continues to fall and is making fresh lows on the year. GBP/JPY looks like it is shifting from a bullish continuation mode in June-July back into consolidation.
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