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Forex: G20 Gives Tacit Approval for USD/JPY Rise but Will it Climb?

Forex: G20 Gives Tacit Approval for USD/JPY Rise but Will it Climb?

John Kicklighter, Chief Strategist

Yen traders backed off their positive carry trades heading into the weekend G20 meeting for fear the group would throw the breaks on the surge of USDJPY and its yen-based counterparts. However, the group didn't labeled Japan a participant in a currency war, and it went on to support the country's effort to end deflation. The true competition in stimulus continues, and currencies suffer the fall out. In today's video we discuss where the yen crosses will go from here as well as unique position of the Euro as the ECB allows its balance sheet to contract.

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