USDJPY

Technical Analysis – USDJPY continues its move within descending channel in near term

Posted on May 4, 2020 at 7:48 am GMT

USDJPY has been trading within a descending channel over the last month, hitting a fresh six-week low at 106.35 on April 29. The price is currently capped by the simple moving averages (SMAs) in the 4-hour chart, while the RSI is marginally pointing up in the negative zone. However, the stochastic oscillator is ready for a bearish cross within its %K and %D lines above the oversold area. A continuation of the selling mode would drive the market to retest [..]

Technical Analysis – USDJPY acquires some negative fuel; upside corrections dwindle

Posted on April 30, 2020 at 7:00 am GMT

USDJPY has lost extra ground past the lows of 106.91 after having failed to overcome the mid-Bollinger band last week. Presently the price is resting at the 106.44 level, that being the 50.0% Fibonacci retracement of the up leg from the 41-month low of 101.17 to the 111.71 high and where the lower Bollinger band is located. The short-term oscillators appear to be confirming the new-found negative move within the price as does the downward sloping 50-day simple moving average [..]

Daily Market Comment – Dollar slips as lockdown easing spurs risk-on; BoJ ramps up stimulus

Posted on April 27, 2020 at 8:43 am GMT

Dollar pressured as euro, pound and aussie charge higher on possible relaxation of lockdowns Stocks edge higher too but oil plunges again Bank of Japan pledges unlimited QE; focus moves to Fed and ECB Light at the end of the lockdown tunnel? It was a buoyant start to the week as signs that the draconian lockdowns that have paralysed major economies around the world are about to be loosened lifted risk appetite. The US dollar, which has been the safe [..]

Technical Analysis – USDJPY under bearish control after closing below triangle; 106.90 support eyed

Posted on April 27, 2020 at 7:34 am GMT

USDJPY closed clearly below the symmetrical triangle on Monday on the four-hour chart, letting the bears take control. The momentum indicators are currently backing the bearish mode as the RSI, the Stochastics, and the MACD are all decelerating, shifting the focus to the downside and particularly to the 106.90 key support level which provided a strong footing for the market this month. In the negative scenario, should the 106.90 barrier prove easy to get through, re-activating the downward move from the [..]

Bank of Japan’s policy meeting eyed after unlimited bond buying rumors – Forex News Preview

Posted on April 24, 2020 at 2:38 pm GMT

Bank of Japan’s policy meeting will kick off on Monday, but it will not be a usual two-day gathering this time as policymakers are expected to reach their decision the same day. While under other circumstances, such an adjustment would signal an eventful meeting, the current virus situation may pressure the central bank for additional corporate aid and likely some flexibility on government bond purchases, whereas there is no doubt that interest rates will remain steady. May keep the focus [..]

Week Ahead – Fed, ECB and BoJ meet ahead of GDP data; can central banks do any more?

Posted on April 24, 2020 at 12:31 pm GMT

It’s been a hectic couple of months for central banks around the world as most have held at least one unscheduled meeting as the virus crisis unfolded. Hence, next week’s regular gatherings by the Federal Reserve, European Central Bank and the Bank of Japan may not bring anything new, as aside from the interim meetings, policymakers have been keeping the communications channels wide open and so the possibility of major surprises appears slim. Nevertheless, markets may need the soothing words [..]

Daily Market Comment – Drug disappointment burns stocks; Euro crumbles

Posted on April 24, 2020 at 9:06 am GMT

Equities turn red after would-be miracle drug Remdesivir fails clinical trial Euro dives as EU drags feet on recovery fund, disagrees on debt sharing Yen pares gains on reports BoJ will ramp up stimulus next week Oil extends bounce, but rebound likely fragile Virus-drug disappointment bites stocks A rally in global stock markets faltered yesterday, with the S&P 500 giving up early gains to close practically flat and futures pointing to more pain on Wall Street today, following headlines that [..]

Daily Market Comment – Trump threatens war with Iran, lifts oil

Posted on April 23, 2020 at 9:02 am GMT

Trump turns up the aggression with Iran, oil likes it But unlikely that this is a sustainable rebound Euro suffers after terrifying PMIs, awaits EU leaders meeting Stocks recover, yet safe havens thrive too Oil prices recover as Trump rattles sabers with Iran All the troubles in the oil market were magically resolved by a single tweet from the US President yesterday, who said that he instructed the US Navy to destroy any Iranian gunboats harassing American ships at sea. [..]

US jobless claims, Markit PMIs and durable goods may not spook dollar – Forex News Preview

Posted on April 22, 2020 at 3:41 pm GMT

The US agenda is featuring initial jobless claims (12:30 GMT) and preliminary Markit PMI figures (13:45 GMT) on Thursday followed by durable goods (12:30 GMT) on Friday. Expectations, though, are for a neutral reaction in the US dollar. Despite the shocking expansion of Covid-19 in the US, the greenback continued to overperform against a basket of major currencies year-to-date, remaining above the 100 level although it could not steal demand from the Japanese yen due to the currency’s stronger safe-haven feature. The fact that [..]

Technical Analysis – USDJPY’s compass unclear of direction

Posted on April 22, 2020 at 2:26 pm GMT

USDJPY appears to have lost directional momentum bound between the 109.37 and 106.91 marks. The pair is presently consolidating around the 107.68 level, that being the 38.2% Fibonacci retracement of the up leg from 101.17 to 111.71. Confirming the flattened tone in price is the horizontal 100- and 200-day simple moving averages (SMAs) as well as the mostly even MACD and RSI. The even RSI is just below its 50 level, while the MACD is hovering slightly below zero and [..]

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