The Japanese yen rose across the majors on Thursday, though the low-yielder hardly budged versus the greenback, as traders sell high-yielding and risky assets.
In fact, the same factors we mentioned above that are weighing on the commodity dollars are doing the exact opposite for the Japanese yen, and we’re seeing that the correlation between EUR/JPY and the DJIA is a bit better. That said, all of these assets are still essentially range trading and consolidating the larger moves from earlier in the year. **Something I’ve failed to note in recent days is that USD/JPY is the Japanese yen cross I watch most frequently, and thus, typically refer to in my analysis. However, there’s a clear divergence in trading of the yen versus the US dollar compared to the rest of the majors, and as a result, I will be sure to clarify my views going forward.
