Forex: JPY on the rise

<!--TITOL:

Forex: JPY on the rise

FITITOL--> FXstreet.com (San Francisco) - The Japanese yen gained against most of its major trading counterparts on Monday, as investors sought refuge in safe haven assets on the back of the election results in Europe, increasing the currency’s demand in the market.

As Tauane Sousa, Financial Analyst at Tradervox.com notes, analysts are saying that the risks associated with the elections in Europe have forced traders to move to the sidelines as they await for signs from the regions; all these events have led to investors choosing the yen as the best bet for the moment.

USD/JPY slid to as low as 79.63 in earlier trade, then recovered from that session low and now trades 0.1% above Friday’s closing price at 79.91 ahead of the closing bell in New York. Against the euro, the Japanese currency trades at 104.32 to record a 0.2% loss on the day, after climbing to as high as 103.20.