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A steep fall of USDJPY

Investors are now considering JPY as a safe haven with respect to Dollar although Dollar strengthened against emerging market currencies. The main reason behind this seems to be the intervention in Syria. Yesterday U.S. secretary of State John Kerry said that U.S. government would hold the Syrian government responsible for using chemical weapons against civilians in rebel-held areas outside Damascus. Oil and Gold are also soaring to new heights. Because Japan does not depend on external financing to service its deficits that’s why Japanese Yen seems to be appealing as all other emerging market have widened account deficits. USDJPY now found support at 96.98 let’s see if it crosses this support in Asian session.