Japanese yen is mostly lower again, following a brief surge earlier. Thanks to a temporary demand for safe haven assets, as well as stop-loss order executions earlier, the yen saw a brief surge. Now, though, the yen is settling down, and is mostly lower.
Earlier, the yen saw some rather dramatic gains. Part of it was due to safe haven demand. It appears that matters are spiraling out of control all over the world. The biggest driver of global uncertainty, now that Israel is withdrawing from Gaza, remains the tension between Russia and the West over the issue of Ukraine. There are also concerns surrounding American domestic and foreign concerns.
Yen surged as safe haven demand increased, and as stop-loss orders placed on positions below the 200-day moving average were triggered. It was an interesting situation, but things have since calmed down. Yen is down agains the US dollar and the UK pound. However, thanks to the fact that the eurozone is likely to be impacted by further issues in Ukraine, it’s not surprising that the yen is still higher against the euro.
At 14:08 GMT USD/JPY is up to 102.3705 from the open at 102.1035. EUR/JPY is down to 136.5630 from the open at 136.6425. GBP/JPY is up to 172.2805 from the open at 172.0850.
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