The Japanese yen is in a holding pattern on Monday as the Bank of Japan holds a two-day meeting today and Tuesday. In the European session, EUR/USD is trading at 148.05, down 0.08%. The yen has been on a rollercoaster in recent weeks. In December, the yen took advantage of a slumping US dollar and surged 4.85%. Those gains have been squandered as the dollar has...
The Japanese Yen is one of the worst performing currencies in 2024. It has weakened 5.4% against the USD. Forces have been stacked against Yen ever since the US Federal Reserve started raising interest rates at a record pace. In sharp contrast, ultra loose monetary stance from the Bank of Japan (BoJ) resulted in wide policy rate differential of 5% between...
January 22nd DXY: Break 103 to trade down to 102.80 NZDUSD: Buy 0.6140 SL 20 TP 45 AUDUSD: Look for reaction at 0.6650 resistance DXY strength; Sell 0.6575 SL 20 TP 50 USDJPY: Buy 148.80 SL 30 TP 90 or Sell 147.50 SL 30 TP 100 (Pending BoJ news event) GBPUSD: Sell 1.2690 SL 20 TP 47 EURUSD: Buy 1.0915 SL 25 TP 70 (Hesitation at 1.0940) USDCHF: Sell 0.87...
Today's focus: Pattern – Continuation, resistance test. Support – 37,400 Resistance – 187.63 - 184.35 Hi, and thanks for checking out today's update. Our focus today is on the GBPJPY pre-Bank of Japan. Looking at price, we can see it continues to trade on fast trends higher but has stalled at resistance. The market could now be waiting to see what's next...
The Japanese yen is down sharply on Wednesday. In the North American session, USD/JPY is trading at 145.74, up 0.86%. Japan's wage growth was a major disappointment in November, with a meager gain of 0.2%. This follows the October reading of 1.5% which was also the estimate. This marked the lowest gain since December 2021. The weak wage data will support the Bank...
Overview CADJPY is showing signs of upside momentum weakening. Price may attempt a bearish move to the weekly range support around 95.00. The Details Fundamental Analysis The Bank of Canada (BOC) may be one of the first central banks (apart from the ECB) to cut interest rates. On the other hand, the Bank of Japan (BOJ) will likely start hiking rates in 2024....
Is it going to be the same story again for the USDJPY? In 2022, the USDJPY climbed to reach just below 152 before turning down to the 128 support level. The similar price movement played out in 2023 as the USDJPY rose from the 128 support level to retest the 152 resistance level. The USDJPY has reversed down to the 140 price area (50% Fibonacci retracement...
The Japanese yen continues to have a quiet week. In the European session, USD/JPY is trading at 142.54, up 0.12%. The Bank of Japan's summary of opinions from the December meeting was released earlier today. That meeting was somewhat of a disappointment to the markets, as there were expectations of a move after senior BoJ members hinted prior to the meeting that...
The Japanese yen is showing little movement on Tuesday. In the European session, USD/JPY is trading at 142.39, down 0.04%. Japanese inflation indicators have been heading lower. Last week, Core CPI, which excludes fresh food but includes fuel costs, dropped in November from 2.9% to 2.5%. On Tuesday, the Bank of Japan's Core CPI index followed suit and declined to...
The Japanese yen is in positive territory on Thursday. In the European session, USD/JPY is trading at 142.85, down 0.61%. Later today, the US releases third-estimate GDP for the third quarter, which is expected to confirm that the economy grew at an impressive rate of 5.2% q/q. Japan's Core CPI, which excludes fresh food but includes energy, is considered the...
USD/JPY is falling towards an overlap support and could potentially bounce off this level to climb higher. Buy entry is at 142.466 which is an overlap support that aligns with the 61.8% Fibonacci retracement level. Stop loss is at 140.800 which is a level that lies under a swing-low support. Take profit is at 144.954 which is a pullback resistance that sits...
USDJPY came sharply to the downside recently on the hawkish BoJ which now saying that normalization can happen, possibly in March of 2024. Also, Ueda said that policy change could involve element of surprise . So we evne shoudl be aware of some volatile price moves in weeks ahead, ideally in favour of the JPY. From an Elliott wave perspective we see nice turn...
The Japanese yen is lower at the start of the week. In the European session, USD/JPY is trading at 142.77, up 0.44%. The yen continues to power higher and surged 1.9% last week. It marked a fifth straight winning week for the yen, which has climbed 6.2% during that time. The yen strengthened to 140.95 on Friday, its highest level since July 31. Bank of Japan...
USD/JPY could rise towards a pullback resistance and potentially reverse off this level to drop lower. Sell entry is at 143.058 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level. Stop loss is at 144.538 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level. Take profit is at 140.949 which is a...
Hello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. Here's my evaluation of the pair and moving forward what is there to expect. But let's revisit what has happened over this week. If you have not yet seen my previous post of USDJPY , you maybe refer to link below or here >> Let's roll back on time on USDJPY to Monday,...
USDJPY is coming sharply to the downside this week as hawkish BoJ hinted a potential policy change in 2024. We see strong breakdown on USDJPY, below the chanel support line on the daily chart which makes us think that this is a new higher degree decline that should be done with three waves down minimum. So be aware of more weakness in weeks ahead, especially after...
Navigating the JPY and Japanese Bond Market Dynamics: Unraveling the Headlines Introduction: Unprecedented Moves Grab Headlines Recent outsized movements in the Japanese yen (JPY) and the Japanese bond markets have become the focal point of financial headlines. The prevailing narrative suggests that Japan is finally on the path to unwind its super easy monetary...
In early European trading, the US dollar steadied near a one-week high against a basket of currencies, holding at 103.559 on the Dollar Index. This stability follows a period of weakness in November, marked by traders anticipating significant rate cuts by the Federal Reserve in the coming year. However, recent actions have seen a shift in sentiment as investors...