When Cat is Away, Mice Will Play

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
Asian markets are closed due to Respect for the Aged Day celebration. Anyways, USD/JPY managed to show quite an impressive rise ahead of the London opening.
Geopolitical risks don’t seem to bother the markets anymore which supported the demand for the riskier USD and pushed USD/JPY up to 111.42 high.
The pair is poised to refresh July, 27 highs at 111.70. It looks quite possible if the markets keep their sentiment through the European session.
During the weekend Japan’s PM Shinzo Abe told he was considering calling a snap election in October. If so, political uncertainty may keep JPY under pressure in the short run. However, much will depend on US data. The more signs of slower US economy growth we get, the weaker is the demand on USD.
And under this scenario we don’t rule out the U-turn for the pair with initial target below the intermediate support at 111.00 followed by 110.70.
This week the traders will focus on FOMC and BoJ meetings.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out