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Japanese Yen In Broad Retreat, US-China Trade Hopes Sap Haven Demand
The Japanese Yen’s countercyclical ‘haven’ position has seen it weaken against the US Dollar since late August. Markets have become more cautiously optimistic on US-China trade truce prospects and also hope for more monetary accommodation from the major central banks. USD/JPY has now risen consistently since basing on August 25. It has been in a well-respected uptrend channel ever since, gaining for twelve days out of seventeen. The uptrend channel is relatively narrow but nonetheless looks quite secure at present. The pair looks quite secure within it, too, with the lower bound more than a full Yen below the market ... (full story)