Yen tries to end the year with a strong statement

By Tomasz Wisniewski|

Published: December 30 2022, 11:12 GMT+0

Yen tries to end the year with a strong statement

Indices dropped significantly on Wednesday and then erased all those losses yesterday. The net result is that most of them are just moving sideways. Pretty much what you could have expected from the week between Christmas and New Year’s Eve. Today, all major futures are red, this time, correcting the rises from yesterday. The last day of trading in 2023 should not bring any major changes here, probably we are going to call this week a draw.

The calendar today is not really impressive. One data worth noticing was the KOF Economic Barometer from Switzerland, which we would totally ignore during a normal week. It came better than expectations 92 vs 90.9. CHF is rising today but hard to tell if this had any influence on it.

Indices are moving sideways but on the Forex market, we can see other kinds of moves. For example, for the past two days, we can witness the impressive strengthening of the Japanese Yen. For example, GBPJPY is currently making new mid-term lows and is trading at the lowest levels since the end of September. USDJPY is in a slightly better situation as the price is still above the key, horizontal support of 131, which is helping the buyers since the mid of June.

Thursday was good for precious metals. Platinum behaved the best with a 4.3% rise. Gold climbed higher by 0.56 and Silver by 1.7%. Today, Platinum keeps rising but Gold and Silver are giving back some of those yesterday’s gains. By the way, Platinum starts a new bullish wave and is trading on the highest levels since the middle of March after spending November and December inside of a sideways correction.

I would like to use this opportunity to wish you all the best in the New Year. I hope you will improve as traders and enjoy this journey. I wish you millions of pips in 2023!