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Japanese Yen Continues to Outperform, British Pound Remains Worst Performing Currency

Japanese Yen Continues to Outperform, British Pound Remains Worst Performing Currency

John Kicklighter, Chief Strategist
The Japanese yen continued to appreciate against the US dollar, with the USD/JPY extending the sell-off from the previous day to reach a fresh monthly low of 89.53 during the North American trade. However, the pair has moved more than 175% of its ATR, with the daily RSI slipping to 29,  and we may see the pair push back over the next few hours of trading as it remains oversold. At the same time, the dollar-yen looks to be finding psychological support ahead of 89.50 but, the slump in risk appetite may continue to weigh on the exchange rate as investors curb their temperament for higher-yielding assets.

The British pound remained the worst performing currency against the greenback and slipped to a fresh monthly low of 1.5918, and the exchange rate may continue to push lower over the next few hours of trading as the Bank of England hold a cautious outlook for the economy. The GBP/USD has moved nearly 85% of its average true range and still has some room to push lower following the slump in risk appetite, and we may see the pair continue to search for a bottom over the following week as investors scale back long-term expectations for higher interest rates in the U.K. However, the overnight decline looks to be finding psychological support ahead of 1.5900, and we are likely to see the pound-dollar remain weighed as the reserve currency continues to benefit from safe haven flows.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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