The JPY gained on the USD in what has become a time honored risk adverse trade. Meaning that as the Asian bourses moved in a weary manner due to mixed results coming from other international equities, the JPY became stronger versus the Greenback. The range for the safe haven pair remains in a consolidated pattern and with so many concerns existing for the major global economies the JPY and USD seem destined to carry this endeavor out for a long duration. Gold traded lower yesterday and finds itself near 1222.00 USD.
Written by bforex.com