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Yen rebounds on dollar weakness
February 9, 2021SharePrint
The Japanese yen has posted sharp gains in the Tuesday session. Currently, USD/JPY is trading at 104.60, down 0.58% on the day.
Yen punches back in 104 territory
Has the pendulum changed for the Japanese yen? The currency has registered gains for a third straight day, which we haven’t seen since mid-December. This follows 10 successive winning sessions for the US dollar, which posted gains of 1.8% during that time. On Friday, USD/JPY touched a high of 105.76, its highest level since mid-October. The dollar appeared poised to break into 106 territory, but the trend reversed after the release of an anemic US nonfarm payrolls report, which showed that the economy created just 49 thousand new jobs in January. The yen has rebounded strongly on Tuesday and has broken below the 105 line.