High Yen Levels as Dollar Continues to Decline
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The Japanese yen rose on Monday as the dollar weakened, causing the yen to hit a two-and-a-half month high last week.
The Japanese Yen found support from the dollar's decline after weak data from the US manufacturing and services sectors, which added to the negative pressure on the dollar after the Fed's meeting minutes showed a split of members on the future of inflation and monetary policy.
Today, the Japanese Yen finds further support from the decline and volatility of Asian equity indices, which increases demand for the Japanese Yen as a safe haven and alternative investment in the Asian markets.
This week, the US tax cuts, the new Federal Reserve chairman and a number of bank members are still in sight this week, which could trigger moves across currencies.
The USDJPY is currently trading at 111.39 after opening today's session at 111.66 to hit a low of 111.34 and hit a high of 111.66.
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