Japanese yen had raised during Tuesday’s third trades respectively, as demand for safe haven continued to rise admits market instability, prompting equity index to support demand for the Japanese currency.
The USDJPY is currently trading at level of 110.55 after opening today’s session at level of 110.70 to recording a lowest level of 110.47 and recorded a highest level of 110.76.
The current rise in JPY levels comes amid growing demand for safe haven in the finical markets amid the decline in Asian stocks today to follow the footsteps of US stocks, increasing the demand for the Japanese yen as an alternative investment to push it against the dollar.
As for the Federal currency, it is trading weakly during today’s session against major currencies, as markets await for US jobs data to be released at end of the week, which has helped the Japanese yen to continue to rise against the federal currency.
In general, the Japanese yen is supported by continued market tensions, including the start of actual exit of Britain from the European Union as well as , the expectations of referendum for the independence of Scotland from United Kingdom, as well as French presidential election with the extreme right party, which calls for the exit of France from the European Union.