NEWS / Foreign Exchange

Traders will prefer to take profit by USDJPY trading

The traders operating with the yen will prefer to take profit ahead theG-7 meeting this week. The G-7 meeting starts on Friday. The rumors talks thatG-7 should make some decisions after the negative reaction by the prior meetingwhen were discussing the yen weakness. Finally the result was not good for theyen fall again. Till the end of the week the main event that will move the yenwill be the rumors for the G-7 meeting and what actions should be taken to stopthe falling yen. The yen is close to break the levels above 120. The currentresistance was forming at 119.38. The break above will follow 119.70 and breakabove the psychological level of 120.00.