All Articles Tagged - USDJPY

Technical Analysis – USDJPY trades sideways ahead of BoJ meeting

Posted on January 22, 2024 at 9:06 am GMT

USDJPY consolidates near its almost 2-month high RSI and MACD lose ground but stay in positive zones USDJPY has been in a steady advance since its five-month bottom of 140.24 registered in late December, posting consecutive higher highs. However, the rally seems to have taken a breather in the past few four-hour sessions as momentum indicators suggest that bullish pressures are fading. Should the pair reverse lower, immediate support could be found at 147.44, which is the 61.8% Fibonacci retracement [..]

Week Ahead – ECB and BoJ meetings in the spotlight

Posted on January 19, 2024 at 10:57 am GMT

Japanese yen loses ground ahead of BoJ decision on Tuesday ECB meets on Thursday, will it push back against rate cut bets? Bank of Canada decides too, while the US releases GDP stats BoJ unlikely to rescue battered yen The Japanese yen started the new year on the wrong foot, losing 5% of its value against the US dollar in the space of three weeks as cooling inflation and a sharp slowdown in wage growth convinced investors that the [..]

Market Comment – Tech stocks rally on AI boom even as yields rise, dollar steady

Posted on January 19, 2024 at 10:26 am GMT

Apple and semiconductors push Nasdaq 100 to new record high But Fed repricing limits gains outside of tech as yields edge up Dollar holds firm, pound slips on data, yen propped up by verbal intervention AI optimism spurs tech rally AI mania made a comeback on Thursday as optimism about a recovery in AI-related demand as well as the broader tech sector boosted equity markets. Apple and TSMC were the main catalysts for yesterday’s rally, ending a two-day rout on [..]

Bank of Japan meets but no fireworks expected – Preview

Posted on January 18, 2024 at 10:19 am GMT

BoJ to keep interest rates and yield curve control unchanged Friday’s CPI data may show abating inflationary pressures Wage negotiations could decide exit from ultra-loose policy Yen suffers as markets dial back rate hikes BoJ makes baby steps towards policy normalisation Although inflation in Japan has been above the 2% target for more than a year and a half, the Bank of Japan stood pat at its December meeting, remaining the last major central bank in the world with negative interest [..]

Market Comment – Strong retail sales pour more cold water on Fed rate cut hopes

Posted on January 18, 2024 at 9:08 am GMT

Dollar gains as US retail sales beat estimates Probability for Fed rate cut in March declines further Yen falls further ahead of Japan’s National CPI data Pound and euro recover some lost ground US retail sales beat forecasts, weigh on Fed rate cut bets The US dollar continued gaining against most of its counterparts on Wednesday, losing ground only versus the euro and the pound. That said, today it is pulling back, perhaps on profit-taking following its latest advance. What [..]

Market Comment – Dollar rallies as market scales back Fed rate cut bets

Posted on January 17, 2024 at 9:13 am GMT

Waller says Fed is in no rush to cut rates March cut probability slips and dollar gains Pound rebounds after hotter-than-expected UK CPI data Yen and euro extend losses, Wall Street also slips Traders scale back Fed rate cut bets, US retail sales on tap The US dollar rose sharply against all its major counterparts on Tuesday, extending its gains today, as Fed Governor Waller said that while inflation is within “striking distance” of their 2% objective, they should not [..]

Technical Analysis – USDJPY rallies ahead of key market events

Posted on January 17, 2024 at 8:06 am GMT

USDJPY continues its upward trend; third consecutive green session It now tries to overcome a very busy resistance area Most momentum indicators support the current upleg USDJPY is recording its third consecutive green candle today and it is now trying to overcome the busy 146.22-147.71 area. It has been an aggressive rally from the December 28, 2023 low of 140.24, cancelling out a good part of the November-December 2023 downleg. The market is preparing for some key events over the next [..]

Volatility Report – January 16, 2024

Posted on January 16, 2024 at 8:15 am GMT

Volatility crashed across the FX spectrum including EUR/USD and JPY crosses Gold and Silver volatility drops; oil and Bitcoin set for sizeable moves Stock indices in turbulent waters, JP225 volatility records a new monthly high The recent range-trading in EUR/USD has caused the expected volatility to drop to the lowest level of the past month, despite some key data releases. This expectation for small price movements going forward is also depicted in the remaining currencies covered in this report and predominantly [..]

Technical Analysis – USDJPY on the rise again

Posted on January 15, 2024 at 1:28 pm GMT

USDJPY tries to switch medium-term outlook to bullish Prices hold within Fibonacci levels Technical signals are positive USDJPY is looking to resume its bullish trend, having softly pivoted near the 50.0% Fibonacci retracement level of the down leg from 151.90 to 140.20 at 146.07. To attract new buyers, the bulls will have to surpass the aforementioned resistance of 146.07 and move beyond the 146.60 barrier. In this case, the price could pick up steam towards the important resistance at 148.50. Another successful [..]

Technical Analysis – USDJPY eases after hitting upper Bollinger band

Posted on January 12, 2024 at 12:16 pm GMT

USDJPY slips near 144.95 200-day SMA acts as strong support Technical signals are weak USDJPY could not carry yesterday’s impressive rally above the upper Bollinger band and returned quickly lower towards the 144.95 support region. The market structure is positive in the short-term picture as the pair keeps fluctuating above the 200-day simple moving average (SMA) and within the upper area of the Bollinger band. Hence, even if downside pressures resume, the pair will remain attractive unless it moves beneath [..]

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