The yen was trading lower at the end of the day as traders shunned traditional safe haven assets such as the yen and the dollar in favor of higher yielding assets like the euro, Aussie dollar, and equities. A lack of data releases on the Japanese economic calendar left the yen susceptible to news events in Europe and the US which were yen negative.

 

The USD finished the day higher at 82.60 after opening the day at 82.49. The EUR/JPY was up sharply at 110.60 from 109.85.

A bullish flag pattern has taken shape on the daily chart of the USD/JPY, hinting at renewed buying of the pair. Following a rally during the first week of the year, price declines have volleyed between the declining channel lines. Estimates from the chart pattern hint at a price appreciation in the pair that targets the September high at 85.90.