All Articles Tagged - USDJPY

Technical Analysis – USDJPY eases from 7-month high as upside momentum wanes

Posted on June 26, 2023 at 1:46 pm GMT

USDJPY has started the week on the backfoot after hitting a fresh seven-month peak of 143.86 on Friday. Early warnings of a looming negative correction were provided from the upper Bollinger band when the price kept popping above it, as well as the stochastic oscillator, as the higher high in the price action corresponded with a lower high by the %K and %D lines. The stochastics continue to point lower in the four-hour chart, although they are some distance from [..]

Daily Market Comment – Russia avoids civil war, markets barely react

Posted on June 26, 2023 at 8:33 am GMT

Armed mutiny in Russia ends peacefully, yet gold trades quietly Yen remains close to its recent lows despite hawkish BoJ signals Euro loses ground after soft business surveys, stocks drift lower From Russia, with turbulence An armed mutiny in Russia over the weekend concluded without any bloodshed. The Wagner group – a private mercenary army – started to march against Moscow on Saturday. This followed accusations from the group’s leader, Yevgeny Prigozhin, that the Kremlin had attacked his troops fighting [..]

Week Ahead – Euro and bleeding yen brace for inflation tests

Posted on June 23, 2023 at 11:02 am GMT

With all the major central bank decisions behind us, the spotlight next week will turn to a new round of inflation releases. The euro has been riding high this month, but whether it still has some miles left in the tank will depend on what the inflation data spells for ECB policy. Meanwhile, the yen has been demolished and since FX intervention seems unlikely, it might take a serious acceleration in Japanese inflation to stop the bleeding. Can the euro [..]

Daily Market Comment – Dollar extends gains as hawkish central bank tone sours mood

Posted on June 23, 2023 at 9:10 am GMT

Recession fears heightened after BoE surprises with 50-bps hike, Eurozone PMIs disappoint Hawkish Fed commentary further underscores need for more central bank tightening Dollar advances as pound and euro slide, Wall Street heads for rare weekly loss Recession gloom returns as growth outlook dims The Federal Reserve and ECB set the tone more than a week ago, but it’s taken another round of hawkish central bank rhetoric, culminating with the Bank of England’s larger-than-expected rate hike, for markets to finally [..]

As the yen collapses, how likely is FX intervention? – Special Report

Posted on June 22, 2023 at 7:23 am GMT

With the yen breaking down lately, Japanese authorities have stepped up their warnings about FX intervention. However, the conditions for intervention are not fully present yet, as the moves in USDJPY in particular have not been sharp enough. For the yen to stage a lasting recovery, it might require some policy tightening from the BoJ or an episode of panic in global markets instead. Yen meltdown It’s been a dreadful year for the Japanese yen, which has been ravaged by [..]

Technical Analysis – USDJPY stalls after testing November 2022 peak

Posted on June 21, 2023 at 7:52 am GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair seems to be consolidating in the near term after failing to breach the November 2022 high of 142.24. The momentum indicators currently suggest that the bullish forces are in control. Specifically, the RSI has flatlined just shy of the 70-overbought mark, while the MACD is holding above its red signal line in the positive territory. If bullish pressures [..]

Technical Analysis – USDJPY rally stumbles but finds support at 20-period SMA

Posted on June 20, 2023 at 1:38 pm GMT

USDJPY has come under selling pressure after hitting a seven-month high of 142.24 earlier today. Caution likely set in as the pair approached the 61.8% Fibonacci retracement level of the October 2022-January 2023 downtrend at 142.49. But whilst the stochastic oscillator is indicating further losses in the short term as it has gone into a sharp downside reversal, heading for the oversold region below 20.0, the RSI is showing signs of stabilization just above the 50 neutral level. The price [..]

Daily Market Comment – China concerns hit sentiment; dollar looks to Powell & Co. for direction

Posted on June 20, 2023 at 9:19 am GMT

China rate cut unable to lift market mood as doubts grow about economy Wall Street futures struggle ahead of Powell testimony, dollar drifts sideways Yen’s freefall pauses, pound softer ahead of CPI data, aussie slides on RBA minutes China stimulus: too little too late? Equity markets were mostly on the backfoot again on Tuesday as an expected rate cut in China failed to ease concerns about the flagging economy while constantly shifting rate hike expectations elsewhere added to investors’ apprehension. [..]

Technical Analysis – USDJPY in a relentless rally, eyeing November 2022 highs

Posted on June 19, 2023 at 3:14 pm GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. Moreover, the ascending 50-day simple moving average (SMA) is set to post a golden cross with the 200-day SMA, which could enable the pair to extend its advance. The momentum indicators currently suggest that bullish forces are reigning supreme. Specifically, the RSI has flatlined just shy of the 70-overbought mark, while the MACD jumped above its red signal line in the positive [..]

Week Ahead – Can the BoE and SNB hike by 50bps? Flash PMIs incoming

Posted on June 16, 2023 at 12:09 pm GMT

The central bank theme will continue in the coming week with the Bank of England and Swiss National Bank next to announce their interest rate decisions. Both are expected to raise their policy rates but is there room for hawkish surprises? The flash PMIs for June will also be on investors’ radar as some regions such as the Eurozone grapple with a recession. Inflation data will be the highlight in Japan but it’s looking like a quieter period in the [..]

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