We’ve seen a modest reversal in the yen overnight after the move below 110 on USDJPY appeared to trigger a wave of stops to below the 108 level as longer-term positions were shaken out of the market. Comments from Finance Minister Aso overnight referred to the undesirability to rapid yen movements, referring to recent movements as one-sided and stating action would be taken as needed. But there was no reference to current levels, so the market does not have a line in the sand on USDJPY. If we measure from the 29th January, then you have to go back to 2010 to see a similar (70 day) period during which the yen appreciated by a similar amount versus the dollar (just under 10%). The yen’s impact on the Japanese economy has diminished over recent years and there is a case to say that the yen is hardly over-valued around these levels given the big weakening move of 2012 to 2014, but given the continued deflationary backdrop against which Japan finds itself, then this move is hardly likely to be welcomed. Still, it’s going to be an interesting few weeks ahead of the next G7 meeting towards the end of May which happens to be taking place in Japan. Most other things in FX have been pretty steady compared to the yen. Sterling is still finding it tough going, just the Aussie and kiwi underperforming by a greater amount over the past week. The pressure of the upcoming referendum is always in the background and the latest headlines surrounding the PM (and Panama) have probably not helped sentiment at the margins. For today, the Canadian jobs data stand out on the calendar, with the rate seen steady at 7.3% and employment seen rising 10k after the modest decline seen in the data for February. The CAD’s relentless seen to mid-March has stalled of late with USDCAD hovering above the 1.30 level. We’d need to see some fairly punchy numbers to push below this level and put some doubt into the belief that the Bank of Canada can still cut rates late this year (around 30% probability towards year end). Further reading: UK data looks bad – GBP/USD turns down Realignment after a turbulent week – CAD employment eyed FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next EURUSD , GBPUSD , USDJPY and XAUUSD TA – April 8 2016 John Benjamin 6 years We've seen a modest reversal in the yen overnight after the move below 110 on USDJPY appeared to trigger a wave of stops to below the 108 level as longer-term positions were shaken out of the market. Comments from Finance Minister Aso overnight referred to the undesirability to rapid yen movements, referring to recent movements as one-sided and stating action would be taken as needed. But there was no reference to current levels, so the market does not have a line in the sand on USDJPY. If we measure from the 29th January, then you have to go back to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.