How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Yen goes up after North Korea missile test
On Tuesday, the Japanese yen rallied after North Korea announced it had successfully tested an intercontinental ballistic missile, thus cooling risk appetite, while the Australian dollar edged down after the country’s key bank kept to a neutral stance on monetary policy.
The currency pair USD/JPY slid 0.48%, trading at 112.83, drifting away from the seven-week peak of 113.46 hit on Monday.
South Korea’s military along with Japan’s authorities confirmed that North Korea had launched an unknown ballistic missile that landed in the Sea of Japan. Japan protested and labeled it as a pure violation of UN resolutions.
The missile was launched just a couple of days before leaders of the Group of 20 nations are expected to discuss steps to tame North Korea’s weapons programs.
The Japanese grew versus the common currency and sterling, with EUR/JPY sliding 0.39%, and GBP/JPY losing 0.26%.
On Monday, positive American manufacturing data backed expectations for another rate lift by the Fed.
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