Yen Price is Surging, Analysts Predict

The trading price of the Japanese yen has been performing well against the US dollar. Yen has been demonstrating a strong performance versus the USD but things are not as well as they were expected to be.

There are no strong reasons for the yen to be performing well against the USD but it is due to the current situation of the US that the dollar’s price is dipping. Still, many analysts believe that the strong bullish movement of the Japanese yen is short-term.

The Japanese Yen’s Bullish Movement may End Soon

The price chart shows that the upward movement of the Japanese yen versus the USD is a temporary shift. More than two-thirds of the total analysts are suggesting the same in terms of the yen’s price shift. They are also suggesting that the movement being recorded for the yen is a temporary thing and it may start dipping soon.

Even when the global situation of the economy is not looking so well, which greatly influences the trading value of the USD, the long-term predictions are not in favor of the yen.

Japanese Yen’s Performance Three-Years Back

Three weeks back, the trading value of the Japanese yen versus the USD was at a lower level. The price chart shows that the trading price of the Japanese yen versus the USD was down by 17.5% at that particular time.

By dipping to 139.38, the Japanese yen had hit a 24-year low versus the USD. However, the Japanese yen then recorded a rebound. This rebound saw the trading price of the Japanese yen recover by 6.9%. At that point, the Japanese yen had reached 130.40 in a matter of two weeks.

From there, the Japanese yen found the perfect spot to reside over a particular level.

Recent Trading Session of the Japanese Yen

In the recent trading session, the trading price recorded for the yen was 134 versus the USD. This shows that despite the upward movement, the trading price of the yen is down by 14% for the year so far.

A survey was carried out among the analysts, which took place from August 1 to August 3. The survey was carried out among 28 global currency analysts.

Out of the total participants, 61% (17 respondents) responded with the same consensus about the future performance of the Japanese. As per the analysts, the Japanese yen will not be able to sustain its position versus the USD.

The trading value of the yen may end up losing its strength versus the USD and it may start moving in a downward direction.

The remaining analysts stated that in the long-term the value of the Japanese yen might grow significantly versus the USD. The Japanese yen may find its strength at 128 per dollar.