Near Term Recovery in Yen?Posted 01/23/2019 2:27PM CT |
The Japanese Yen appears to have found support and garnered safe haven interest amid weakness across global equity markets as well as ongoing concerns involving growth. Recent data released from China showed the Chinese economy expanded at a rate of 6.6% last year, the slowest pace in almost thirty years. The International Monetary Fund further revised its outlook and forecast for world economic growth in 2019 to 3.5% from 3.7% in October and 3.9% last July. Ongoing concerns remain regarding U.S. – China trade talks as well as the government shutdown which will continue to provide underlying support. The market remains bullish trend (107.60 -110.10 fx) with near term support seen around 91.55 and resistance around 92.07.
Japanese Yen Mar ’19 Daily Chart