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The Japanese Yen seems to be the strongest currency today, as risk sentiment is wearing off quickly around global equities, commodities and riskier currencies. Despite the USD strength against most of its counterparts, the JPY has taken 70 pips from the greenback today. The USD/JPY plunged below 83.00 on account of EMU and Germany’s disappointing manufacturing and services PMI and trades just below 83.80. “We look for the retracement to be contained by the base of the cloud on the 240 minute chart at 82.38 currently. While this holds, the bull move is fully entrenched and targets are 85.53, the April high then 86.80”, wrote Commerzbank analyst Karen Jones.
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