26 November, 2008
ForexGen | Japanese Yen Gains Amidst Consolidation
While the inverse correlation between the US dollar and stocks didn’t hold up today, the Japanese yen did manage to hold up on Tuesday, gaining roughly 1.5 percent versus the euro and over 2 percent against the US dollar.
However, the moves reflected more of a consolidation of Monday’s plunge rather than a clear turn as the Japanese yen remains within its latest trading ranges. While volatility is down from its October records, it is still historically high and suggests potential for breakouts. The big risks for the Japanese yen crosses and other carry trades this week are associated with the closure of US markets on Thursday for the Thanksgiving holiday. We tend to see lower trading volumes around this time, which leaves price action likely to either quiet down substantially or become very choppy.
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