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Forex Strategy Video: USDJPY and Yen Crosses Rebound or Collapse?

Forex Strategy Video: USDJPY and Yen Crosses Rebound or Collapse?

2014-02-04 02:42:00
John Kicklighter, Chief Strategist

Talking Points:

USDJPY suffered only its third 1 percent-or-greater drop in four months Monday

• All the yen crosses reported hefty declines lead by the biggest GBPJPY decline in 7 months

• The drop is not merely technical, risk trends may overwhelm the BoJ's effort to drive the yen lower

Sign up for DailyFX-Plus to have access to analysis on Yen pairs via Trading Q&A's, updated speculative positioning measures, trading signals and much more!

It isn't a coincidence that the yen crosses experienced a market-wide tumble at the same time the Nikkei 225 suffered a massive decline. As abruptly as investors can abondon equities as a 'risky' asset, the yen crosses represent carry trades without substantial carry. Fundamentally, these are expensive pairs with little buffer and a primary bullish dynamic that is more passive than proactive. Without a market-wide appetite for any and all yield at the expense of volatility, the Bank of Japan's (BoJ) efforts to drive the yen lower (yen crosses higher) will quickly fail. We take a closer look at the yen and its trade potential in today's Strategy Video.

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