The Dollar/Yen finished lower last week, posting a potentially bearish closing price reversal top in the process. Most of the damage took place on December 2 and December 3. The Dollar/Yen hit a six-month high on Monday after an unexpected rebound in Chinese manufacturing activity raised hopes of a brighter outlook for the world economy.
The rally didnt last long, however, as safe haven demand drove investors into the Japanese Yen after U.S. President Donald Trump said he would restore tariffs on some imports from Brazil and Argentina, while a drop in new U.S. factory orders in November to their lowest since 2012 deepened the decline.
The Dollar/Yen fell even further on Tuesday after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 U.S. presidential election.
The Forex pair hit its low for the week after Bloomberg News reported, citing people familiar with the talks, that China and the U.S. were getting close to reaching a trade deal.
Last week, theUSD/JPYsettled at 108.575, down 0.934 or -0.85%
This article was written by James Hyerczyk, For the full article: