FXstreet.com (Córdoba) – The Yen has recovered strength and is rising again across the board, after a minor correction. USD/JPY found resistance at the 94.40 and weakened falling to 94.10 which is only a few pips away from intra-day low at 94.06 (also a 6-week low). The pair is 0.60% below today’s opening price. On the downside the next support lies at 93.85 (May 22 lows).
According to Benny Menashe, analyst at Finotec Group Inc affirms: “The Japanese currency strengthened against the euro and the greenback as Asian stocks fell and Japanese machinery orders unexpectedly declined, adding to signs the global recession is far from over. The JPY rose against all of the 16 major currencies for a second day on speculation the worldwide slump will sap corporate earnings, increasing demand for safer assets. The greenback fell against the yen on concern the Dollar’s role as the world’s reserve currency will be questioned at a Group of Eight meeting starting today.”
