Moody’s lowered the credit rating of the United States, and this caused people to sell the U.S. dollar from the start of the week. The Nikkei stock index in Japan also went down, and many investors bought Japanese yen instead. Because of this, the dollar-yen rate fell to 144.81. In the European market, the U.S. dollar continued to fall, and the dollar-yen rate dropped to 144.67.
In the New York market, the dollar was bought back up to 145.21, but later people started selling it again, and it fell back to around 144.80. The dollar is still having a hard time going up.
With growing worry about the U.S. dollar, a meeting of G7 finance ministers and central bank leaders will start today. As Japan and the U.S. talk, there is hope that the weak yen will be corrected. Because of this, the dollar-yen rate may continue to move lower, staying around the bottom of a technical chart level.
Expected Dollar-Yen Range: 144.30 – 145.30
Note: This information does not guarantee profit. Please make your own decisions when trading.