News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/GFx3b1W0OD
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment. https://t.co/C7DHnPIeuU https://t.co/K2835aP57Z
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi4143uT https://t.co/zTpqrFIZfk
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin https://t.co/mPiZMs8eYH
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium https://t.co/ieHojAC7b5
  • USD/JPY extends the rebound from the weekly low (109.11) as the stronger-than-expected US Retail Sales report fuels speculation for an imminent shift in monetary policy. Get your $USDJPY market update from @DavidJSong here:https://t.co/Rozq62yAou https://t.co/toaAHiCavK
Yen Temporarily Rises on an Inaccurate Report of a Mediterranean Missile Launch

Yen Temporarily Rises on an Inaccurate Report of a Mediterranean Missile Launch

Benjamin Spier, Technical Strategist
  • Reuters reports Russia identified two missiles launched from the Mediterranean sea
  • Report was soon corrected to say missiles landed in the water
  • US Dollar temporarily declines against the Yen on risk fears

Want to trade with proprietary strategies developed by FXCM? Find out how here.

Risk correlated assets, including the USD/JPY pair, saw a brief decline on a scare that rockets were fired from the Mediterranean Sea towards Syria.

Reuters reported during the European session that the Russian Defense Ministry detected the launch of two ballistic objects in the Mediterranean Sea, saying the objects were aimed towards the Middle East. However, the fear seemed to leave the markets as quickly as it entered, as skepticism was raised over the timing of a US led attack on Syria. Congress has yet to hold its planned vote on an attack on Syria, following US backed claims that the Syrian government used chemical weapons against its own people.

The Russian State news agency, RIA, soon followed the initial report by saying that the two missiles landed in the water, possibly suggesting a test launch. The US and Israel both denied involvement in the missile launch.

The US Dollar fell more than 40 pips against the Japanese Yen on the initial headline, but the risk-correlated pair soon erased most of those losses and rose back to 99.50, as speculation of a US attack on Syria cooled. The pair may next see resistance by the key 100.00 figure, which has not been breached in over a month. A broken downward trend line from May, currently at 98.18, may provide support.

New to Forex? Watch this video

USDJPY Daily: September 3, 2013

Yen_Temporarily_Rises_on_a_Report_of_a_Missile_Launch_Towards_the_Middle_East_body_usdjpy.png, Yen Temporarily Rises on an Inaccurate Report of a Mediterranean Missile Launch

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.

DISCLOSURES