3 Jan 2014
USD/JPY rebounds on yen overselling concerns
FXstreet.com (London) - USD/JPY fell sharply overnight from JPY104.7935 to a low of JPY104.0810. The pair is currently trading at JPY104.2830.
Overselling concerns
The pullback in the yen comes after it was one of the worst performing currencies of 2013, falling more than 16 percent against the dollar. USD/JPY has broken back down below the JPY105 level on bets that the yen has been oversold as well as expectations that Japanese investors will more to repatriate profits or trim foreign exposure in the beginning of the year.
USD/JPY set for biggest weekly drop in almost three months
USD/JPY drifted to a high of JPY104.8650 before selling off hard to find resistance at JPY104.0810. The pair is set for its biggest weekly drop since September, currently trading at JPY104.2830 – down 0.42 percent on the day and 0.9 percent on the week so far.
Overselling concerns
The pullback in the yen comes after it was one of the worst performing currencies of 2013, falling more than 16 percent against the dollar. USD/JPY has broken back down below the JPY105 level on bets that the yen has been oversold as well as expectations that Japanese investors will more to repatriate profits or trim foreign exposure in the beginning of the year.
USD/JPY set for biggest weekly drop in almost three months
USD/JPY drifted to a high of JPY104.8650 before selling off hard to find resistance at JPY104.0810. The pair is set for its biggest weekly drop since September, currently trading at JPY104.2830 – down 0.42 percent on the day and 0.9 percent on the week so far.