Japanese Yen Weekly Technical Outlook: On the Cusp of Gains

Talking Points:

The Japanese Yen was the best performing major currency last week as global equity markets were slammed.

– A sign of things to come? Gold broke its downtrend from the April and June highs; when Gold outperform, it’s typical for the Yen to as well.

Retail traders continue to sell the Yen on rallies, suggesting that price gains are likely in the near-term.

See our long-term forecasts for the Japanese Yen and other major currencies with the DailyFX Trading Guides.

Technical Forecast for the Japanese Yen: Bullish

The Japanese Yen was one of the beneficiaries during the global equity market selloff last week, posting gains against every major currency en route to its best week of the year since mid-February: CAD/JPY led the pack down, falling by -1.97%, and is now down -2.19% in October; and USD/JPY dropped by -1.33% and is now down by -1.31% on the month overall. Halfway through the month, the worst performing in October is NZD/JPY, off by -2.98%.

The acute deterioration in risk appetite across the board has reignited interest in safe haven assets – not just the Japanese

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/10/13/Japanese-Yen-Weekly-Technical-Outlook-On-the-Cusp-of-Gains.html