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USD/JPY Struggles to Retake 95 Despite Biggest S&P 500 Rally in 2013

USD/JPY Struggles to Retake 95 Despite Biggest S&P 500 Rally in 2013

John Kicklighter, Chief Strategist

The yen crosses were one foot into a serious bearish breakdown before the strongest US equity rally this year revive the troubled carry trade. Yet, after the dust settled on this exceptional risk appetite revival, we find the USDJPY is still struggling to hold its head above 95. In early trade Friday, Japanese markets tempered the carry over optimism from the New York session and troubling volatility stirred once again. Is this simply localized trouble or representative of trouble in global sentiment trends? We discuss the USDJPY and yen crosses as well as the broader trade opportunities for the FX and capital market world should risk appetite hold up or falter in today's video.

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