All Articles Tagged - USDJPY

Technical Analysis – USDJPY back in the 2023 bull run

Posted on August 16, 2023 at 1:44 pm GMT

USDJPY extended its 2023 uptrend above June’s ceiling to chart a new higher high at 145.85 on Tuesday. The pair is currently printing another green candlestick ahead of the FOMC meeting minutes due at 18:00 GMT but it keeps hovering within Tuesday’s trading range, reflecting some easing in buying appetite. Technically, some consolidation or a downside correction is possible as the RSI is flirting with its 70 overbought mark, while the stochastic oscillator has unlocked a new high above its [..]

Will Japan intervene to rescue the battered yen? – Special Report

Posted on August 16, 2023 at 1:10 pm GMT

The Japanese yen has resumed its meltdown, falling victim to widening rate differentials and rising energy costs. Despite the currency trading at levels that prompted FX intervention last year, Japanese authorities don’t appear so concerned this time, which suggests that another round of intervention is some distance away. For this dynamic to change, USD/JPY would need to approach the 150 region in a hurry. Yen feels the blues It has been another bruising year for the Japanese yen, as the [..]

Technical Analysis – USDJPY flat near intervention zone

Posted on August 16, 2023 at 7:22 am GMT

USDJPY has been storming higher in the short term, posting a fresh 9-month high of 145.85 on Tuesday before paring some gains. Undoubtedly, the pair has approached a critical technical region around where the first round of intervention by the Japanese authorities took place, thus traders should be cautious as the probability of an impending correction has increased. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the MACD is strengthening above zero and its red signal line but has not yet [..]

Market Comment – China cuts rates but stocks mixed, strong GDP fails to lift the yen

Posted on August 15, 2023 at 9:22 am GMT

China unexpectedly cuts key lending rate as weak data keeps pouring in, yuan skids Japanese growth surges in Q2 but yen hits fresh low, sparking intervention fears US retail sales eyed as tech stocks rally despite soaring yields Yuan slumps after rate cut as China concerns mount China’s central bank announced a surprise rate cut on Tuesday, lowering its one-year medium-term lending facility by 15 basis points to 2.50%. The seven-day reverse repurchase rate was also cut, but by a [..]

Technical Analysis – USDJPY flirts with intervention zone

Posted on August 14, 2023 at 3:11 pm GMT

USDJPY has been storming higher in the short term, posting a fresh 9-month high of 145.57 in today’s session. Undoubtedly, the pair has reached a critical technical region around where the first round of intervention by the Japanese authorities took place. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the MACD is strengthening above zero and its red signal line, while the RSI is climbing higher just shy of its 70-overbought mark. If bullish pressures persist, the [..]

Market Comment – China worries intensify, pulling stocks lower as dollar firms

Posted on August 14, 2023 at 9:07 am GMT

More bad news about China’s economy unsettles markets Stocks extend slide, aussie slumps but dollar climbs to one-month high Yen breaches 145 per dollar level ahead of Japanese GDP data China hit by fresh property woes There seems to be no let-up in the streak of negative economic headlines out of China lately as hopes of a swift turnaround in the country’s embattled property market suffered a fresh blow on Monday. A major real estate player in the private sector, [..]

Week Ahead – Fed minutes, US retail sales and UK CPIs the highlights of a packed week

Posted on August 11, 2023 at 9:30 am GMT

The dollar pulled back after the miss in the US inflation data, but traders may have another opportunity to adjust their dollar positions as next week’s agenda includes the minutes from the latest Fed meeting and the retail sales for July. The pound will also enter the limelight as the UK CPIs could confirm whether investors were correct to slash their hike bets following the latest BoE gathering. Other releases include the RBNZ decision, where no action is expected, and [..]

Market Comment – US inflation comes in cold but dollar still shines

Posted on August 11, 2023 at 8:22 am GMT

US CPI comes in colder than expected, and yet yields rise Dollar recovers, yen slides but no intervention threats this time Stocks and gold reverse lower, feeling the bond market heat CPI miss does not intimidate US dollar It was a wild trading session for global markets on Thursday, in the aftermath of the US inflation data. The CPI report itself was slightly cooler than expected, with both the headline and core rates coming in slightly below forecasts in yearly [..]

Market Comment – Traders on edge ahead of US inflation report

Posted on August 10, 2023 at 8:46 am GMT

Dollar ticks down ahead of all-important US inflation data Yen sinks, hits its lowest levels since 2008 against the euro Energy prices go ballistic, stock markets and gold retreat US inflation to disturb the waters Global markets are holding their breath in anticipation of today’s US CPI inflation release. The stakes are high as this dataset will be critical in shaping expectations about the trajectory of interest rates. It could either cement the view that the Fed has already concluded [..]

Technical Analysis – USDJPY fights August’s bar again

Posted on August 9, 2023 at 8:19 am GMT

USDJPY recouped its latest pullback after finding strong support around the 141.50 level and near the 50-day simple moving average (SMA). The focus is now again on the 143.35 ceiling as investors are eagerly waiting for the US CPI inflation report to generate some extra volatility on Thursday at 12:30 GMT. There have been no successful attempts to cross the bar this month, but the bulls still have an advantage as long as the RSI is fluctuating above its 50 neutral [..]

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