The Yen has strengthened against the majority of its 16 most-traded peers as investors reduced their bets that the Asian currency would continue to keep falling after its recent freefall.
The currency rallied against the US Dollar, rising upwards from the two-and-a-half year low. The reversal in fortune comes as technical indicators hint that the currency’s declines may have been excessive or overblown.
“The yen move is a little bit of retracement from what we saw last week,” Sireen Harajli, a foreign-exchange strategist said; “It seems that the Yen will continue to be under some pressure for right now. There won’t be a big reversal.”
The number of hedge funds betting that the decline would continue, was countered by a similar level betting on the opposite happening. The Bank of Japan has come under scrutiny as it unleashed its monetary easing programme with several nations arguing that the devaluing was not fair spurring concerns that a currency war could be unleashed as other nations seek to weaken their currencies.
These exchange rates were correct as of 14:20 pm
The Japanese Yen to Pound Sterling exchange rate is currently trading at 0.0069
The Japanese Yen to US Dollar exchange rate is currently trading at 0.0110
The Japanese Yen to Euro exchange rate is currently trading at 0.0081
The Japanese Yen to Australian Dollar exchange rate is currently trading at 0.0105
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