In respect of the yen, analysts at Scotiabank explained that sentiment is dominating and softening geopolitical concerns are supporting risk appetite.
Key Quotes:
“JPY’s risk profile leaves it vulnerable to near-term weakness, given its role as a safe haven currency.”
“Risk reversals are showing a moderation in the premium for protection against near-term JPY strength vs. both the USD and EUR.”
“EURJPY is also attempting a modest extension of its bullish reversal and the weekly chart is showing a decisive bounce off of support at the 200 week MA (129.25).
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