Analysis USD/JPY. The Yen plummeted

jpyUSDJPY has been rising pretty much for the last couple of trading sessions; it is trading close to the highs of April 2019.

The Japanese Yen significantly weakened against the USD in several previous days; however, it is trying to reach stability on Friday. The current quote for the instrument is 111.85.

The Japanese currency became less attractive as a “safe haven” asset after China took control over the coronavirus outbreak. Chinese authorities said that the virus was under control on the mainland. At the same time, coronavirus cases outside china are still attracting a lot of attention.

The Japanese statistics made an additional contribution to the Yen’s decline, although usually it barely responds to macroeconomic numbers. The Core Machinery Orders lost 12.5% m/m in December after adding 18.0% m/m in November and against the expected reading of -9.0% m/m.

The National Core CPI was 0.8% y/y in January. It’s better than expected but still worse than it should be.

The All Industries Activity didn’t change in January after adding 0.9% m/m in the previous month and against the expected reading of 0.3% m/m.

Orgin: RoboForex

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