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Yen continues to trade sideways with very little volatility, which makes the Yen attractive for especially those looking for low volatility and risks.
Themes working on Yen -
- At one side Yen remains fundamentally weak, as Bank of Japan (BOJ) is continuing its massive qualitative and quantitative Easing (QQE) of ¥ 80 trillion per month. Though at some point BOJ is likely to reduce its purchase, however as of now it remains still a bit far away.
- Yen has performed very well in the recent events of risk aversions and it is likely to be doing so.
Technically speaking -
- As shown in the chart, Yen has moved into consolidation since December last year and has been moving in consolidation since then with some upward bias against Dollar.
- Yen is likely to lose ground against dollar going ahead. As of now it is trading at 124.34 against Dollar and it is likely to move towards 127 area over the coming weeks/months. Rising upward channel is likely to provide support.
- Low volatility and monetary easing makes yen excellent funding currency for carry trade. With rate hike expectations building around pound, Pound is likely to gain against Yen.
However trading Yen to the short side is likely to demand additional patience.
