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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

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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.

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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.

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