Bank of Japan denies rumor about its comment on Yen - the currency should consolidate for many months now
Gloria Howard
Oct. 18, 2006

Yen is bullish for the long term but a sidewise movement is evident as Bank of Japan waits and watch carry trades.

Bank of Japan denies rumor about its comment on Yen - the currency should consolidate for many months now.

The Japanese currency enjoys the prospect of accelerating Japanese economy. However, the carry trade effects are heavy. It will continue to depress the value of the currency.

According to most currency traders, before BOJ raises interest rates and comments, the currency will trade sideways consolidating and build a solid base.

Longer tern Yen looks real bullish.

Bank of Japan denies rumor about its comment on Yen - the currency should consolidate for many months now
Gloria Howard
Yen is bullish for the long term but a sidewise movement is evident as Bank of Japan waits and watch carry trades.
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