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USD/JPY breaks to a new multi-year high above 105.70

The dollar is on the move and the yen is backing down. USD/JPY was  rising and now it made the breakthrough, rising above the previous high of 105.70 to a new high of 105.85

The Japanese yen was hit by a downwards revision of GDP for Q2: the economy squeezed by 1.8% instead of 1.7% originally reported. This weighed on the yen.

In addition, the ceasefire in Ukraine seems to be holding, at least for now. So far, there is no concrete news of more sanctions from the EU. This makes the safe haven yen less attractive.

The US dollar seems to have shrugged off the weak NFP on Friday.

The breakout of the dollar/yen grabs the attention from the pound: GBP has been crashing on fresh polls regarding the Scottish referendum.

We are now trading at levels last seen in October 2008, nearly a 6 year high. The pair departed from the 102 magnet after a long time of trading around that region. Since then, it has moved up and gradually broke resistance levels.

The pair is now above the highs seen in late 2013 / early 2014. Here is the chart, and for more, see the USDJPY forecast.

Dollar yen highest since October 2008 close to 106 technical monthly chart

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.