USD/JPY has caught a bid and has ticked up, presently at 96.90. Sentiment remains pretty much negative toward the yen at present, as the currency sees it’s safe haven status evaporate. There are a number of factors acting against the yen at present. Among them are the parlous state of the Japanese economy, political uncertainty, talk of Nikkei holders seen hedging in recent sessions buying USD/JPY for the first time in a while, talk of Japanese exporters being overhedged as the global economy slows and they can’t export their goods. The technical picture for USD/JPY and the yen crosses doesn’t look constructive for the yen either. There are no doubt more factors at play, but they’ll do to be getting on with.
Sources report decent buy interest down at 96.20 and 96.00. On the topside important technical resistance lies at 97.45 with stop loss buy orders said to be gathering just above around 97.50.
