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Friday, November 09, 2018

Weak equities spur yen demand

Today’s Asian session was relatively quiet, though the weaker trend for most US equities post-FOMC translated across to Asian markets, with all Asian markets in the red. US index futures slid about 0.1% at time of writing.

The Fed affect 
The gloomier mood saw the yen in demand as a hedge against worsening risk appetite, forcing USD/JPY back from its highest level since October 4. The FX pair has drifted back below the 114 handle, and is currently at 113.909. The nearest technical support level could be the 23.6% Fibonacci retracement of the climb from October 26 to earlier today, which is at 113.481.
USD/JPY Daily Chart
Author
Ahsanur Rahman (Admin Of GFC)

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