The last chart is of the yen over the dollar. The yen is perceived as a traditional safe haven currency, and when risk enters the market place, investors push money into the Japanese currency.
An ETF that closely tracks the price movement of the yen is the CurrencyShares Japanese Yen Trust (FXY).
Emerging-market equities and currencies have declined as investors have pulled money from their foreign investments for fear of market volatility. Times of global financial market weakness, which is currently being caused by increasing U.S. interest rates, tend to have a greater magnitude effect on emerging-market assets.
The yen has been on a steady rise the past two months as investors have fled riskier investments and sought refuge in the currency. Much like the euro, the yen does not look to have major downside risk just yet.Look for a steady rise out of the yen to its June highs leading into September, and then for the currency to get its directional cue from the upcoming Fed meeting next month. At the time of publication, Sachais had no positions in securities mentioned. Follow @AndrewSachais This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.