Japanese Yen Dominated this Week; USD/JPY, EUR/JPY, GBP/JPY

Japanese Yen Dominated this Week; USD/JPY, EUR/JPY, GBP/JPY

The┬áJapanese 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.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.