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Forex Today: The Japanese yen sells off again

Forex Today: The Japanese yen sells off again

After last week's dramatic strengthening, this week opens with a sell-off in the Japanese yen against other currencies.

➡️ The week began with a moderate but sharp sell-off in the Japanese yen following large gains made last week following two suspected interventions in its favor by the Bank of Japan. Currency crosses often rebound the following week against an unusually large move from the previous week, and this appears to work against the Yen. It might be wise to look for long trades on Yen crosses, Mostly in AUD/JPY , CAD/JPY And CHF/JPY .

➡️ In the Forex market , since Tokyo opened today, the strongest major currency has been the Australian dollar, and the weakest major currency has been the Japanese yen, focusing on the AUD/JPY currency cross.

➡️ Precious metals like gold and silver are rising today and appear to be moving independently, so these assets could be interesting for day traders or even investors.

➡️ Today is a public holiday in the UK.

➡️ The Reserve Bank of Australia will hold a policy meeting tomorrow where it is expected to keep its cash rate at 4.35%.

 

Credit by DailyForex.com

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