The Japanese Yen was slightly weaker against the United States Dollar on Wednesday in a market that appears to be getting warier of possible intervention by the authorities in Tokyo to shore it up.
Reuters reports that speculative short positions against the Yen increased massively in the week of February 20, and amount to a $10 billion leveraged wager on the Japanese currency falling still further. These are certainly interesting times for the currency. Those trying to guess what the BoJ will do next have some clues coming up. Japanese retail sales, industrial production and unemployment figures are all due for release in the next twenty-four hours.Having climbed impressively since late December the market looks wary of topping the intraday high of 150.906 set on February 14 and appears wedded to a trading range between that and 149.809.
The uptrend from January 2 is currently under test, with the trendline lying quite close to the current market at 150.231. A break of that needn’t be terrible news for Dollar bulls, however as long as the broader range holds.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
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