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Dollar Down Against Japanese Yen in Forex Trading

Currency trading with USD/JPY

The dollar is down against the Japanese yen in forex trading on the currency market. Indeed, the yen is gaining strength again in FX trading, with an unwinding carry trade and concerns about risk and volatility.

Currency trading with USD/JPY should consider, however, that the greenback is only down against the yen today. Against other major currencies, the dollar is doing quite well, making up some solid ground.

Japanese officials prefer a weak currency, however, and this move is probably not agreeable to them. The Bank of Japan has been reluctant to intervene directly in the currency market, and that has meant that the yen has been strengthening lately as traders consider the yen for capital preservation strategies in these unsure economic times.

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Dollar Down Against Japanese Yen in Forex Trading

This entry was posted on Wednesday, April 22nd, 2009 at 7:47 am and is filed under Forex. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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