The yen got off to a weak start in Asia on Wednesday having retreated from multi-month highs as emerging markets stabilized and stocks rebounded, while the Australian dollar took a breather following a powerful rally.
The U.S. dollar bounced to 101.63 yen, while the euro climbed to 137.33 yen, both pulling away from 11-week lows of 100.75 and 136.25 respectively.
But analysts at BNP Paribas remained cautious about re-entering long dollar/yen positions, instead preferring to wait for further signs of stabilization in the risk environment.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.