Yen hits 18-month peak
On Friday, the Japanese yen dared to hit its 18-month peak against the greenback, still staying on firm reacting to the BOJ’s decision yesterday not proceed with further monetary stimulus.
The evergreen buck slumped to 107.075 yen, its greatest low against Japanese counterpart since last year’s October. The greenback was last worth 107.37 yen or a 0,7% sag, following Thursday’s 3% drop.
The US dollar’s dip gained momentum after it hit a low of 107.63 yen, a bit earlier in April. Technicals and momentum definitely contributed to exaggerating moves.
A combination of follow-through from yesterday’s BOJ verdict and a softer greenback has undoubtedly weighed on the currency pair USD/JPY.
It feels like nothing could stop the currency pair USD/JPY from trading lower considering that the greenback has lost a great deal of momentum.
Apart from that, the Japanese yen edged up against the euro, trading at 122.295 yen, the euro’s 0.4% against the yen. On Thursday, the common currency lost 2.7% against the yen.