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It was a choppy and relatively low volatility week for the Japanese yen, with most intra-week moves mainly driven by counter currency moves, especially the U.S. dollar.

Overlay of Inverted JPY Pairs: 1-Hour Forex Chart
Overlay of Inverted JPY Pairs: 1-Hour Forex Chart

Japanese Headlines and Economic data

Monday:

Tuesday:

Wednesday:

Thursday:

Friday:

  • The yen broadly moved higher starting in the European session and into the U.S. trading session without an apparent direct catalyst. Arguably, this is off of a continued U.S. dollar weakness move as USD/JPY dragged other yen pairs lower on the session, likely on the heavily speculated Fed “insurance” rate cut still being priced in.