The Japanese Yen advanced against most major currencies on Friday as the Dollar rose amid faltering investor risk appetite, and after the Bank of Japan (BoJ) was sighted assembling a rifle and possibly preparing to enter into a currency war in which warning shots have effectively already been fired.
Analysis from SuMi TRUST - one of the largest financial services groups in Japan - have said the Japanese Yen could potentially strengthen should Democrat nominee Joe Biden win the November U.S. presidential election.
The Dollar-Yen exchange rate fell a sizeable 0.88% on Wednesday and is seen at 104.50 on Tuesday. Following the sizeable move, analyst Richard Perry at Hantec Markets considers the potential next levels the pair might achieve.
The Dollar-Yen exchange rate has fallen a further 0.20% to reach 104.62 at the time of publication on Tuesday. Analyst Richard Perry of Hantec Markets continues to favour the Yen over the Dollar, based on his studies of the technical setup.
The Dollar-Yen exchange rate has fallen half a percent to 104.94 in mid-week trade, a move that is consistent with the view of analyst and technical forecaster Richard Perry that any strength in USD/JPY offers up a fresh chance to sell.