USD/JPY down to 99.90 on Stock Declines

The yen climbed versus 15 of its 16 major peers, strengthening past the 100 per dollar level for a 12th-straight session, as a drop in Asian equities boosted demand for Japan’s haven assets.

The dollar held a gain from yesterday against Australia’s currency before data on U.S. employment and manufacturing that may influence market expectations for when the Federal Reserve will pare back its stimulus measures. The euro held near a two-month high versus the yen before a survey forecast to show Germany’s business climate improved for a third month. New Zealand’s dollar climbed as the central bank signaled an end to record-low interest rates.

“A drop in stocks has the yen locked right around 100 per dollar,” said Tsutomu Soma, a manager of Rakuten Securities Inc.’s fixed-income business unit department in Tokyo. “Investors are waiting for fresh news out of the U.S.”

Bloomberg

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Stuart McPhee

Stuart McPhee

Senior Currency Technical Analyst at Market Pulse
Stuart McPhee has more than 16 years’ experience as a private trader and he specializes in technical market analysis of major currency pairs. He is the author of several bestselling trading books, most recently the fourth edition of his popular book “Trading in a Nutshell” (John Wiley), and he contributes articles to daily newsletters and blogs. He produces articles and videos on the how-tos of technical trading. Based in Australia, Stuart speaks at conferences and events worldwide.
Stuart McPhee