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Yen Sees Flash Rally on Economy Minister's Warning Against Further Weakness

Yen Sees Flash Rally on Economy Minister's Warning Against Further Weakness

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Japan economy minister says further Yen weakness may be harmful -> Government adviser sights 98-100 as appropriate for USD/JPY -> Yen temporarily rallies

The US Dollar temporarily declined about 100 points against the Yen shortly after Sunday evening’s open, as Forex markets digested comments about recent Yen weakness by Japan Economy Minister Amari.

Amari said that if the Yen extends losses a lot, then people’s lives will be negatively affected, and it’s the Japanese government’s job to minimize that. Amari further said that, “it’s being said that excessive Yen gains have been corrected a lot.”

USD/JPY set a new four year high in Friday’s session at 103.30. The pair has risen over two thousand points over the time of PM Abe’s election on a platform of Abenomics, the ensuing replacement of the BoJ Governor with the more inflation aggressive Kuroda, and the doubling of the monetary base in the April BoJ meeting. PM Abe’s Advisor Hamada said in the past that USD/JPY at 110.00 would be a problem, and he instead endorsed a 98-100 range.

The 103.30 4-year high may now provide resistance. Support may be provided at 102.00, by a rising trend line from early May.

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USDJPY Daily: May 20, 2013

Yen_Sees_Flash_Rally_as_Japan_Econ_Minister_Warns_Against_Further_Weakness_body_usdjpy.png, Yen Sees Flash Rally on Economy Minister's Warning Against Further Weakness

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

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