RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Currencies

Near Term Recovery in Yen?

Posted 01/23/2019 2:27PM CT | Alexander Turro

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

Japanese Yen Mar '19 Daily Chart

800-826-1120312-373-5484Series 3 Licensed

Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
Read More