All Articles Tagged - USDJPY

Technical Analysis – USDJPY tiptoes higher within caution area

Posted on December 27, 2022 at 10:54 am GMT

USDJPY has tiptoed higher following the collapse to a four-month low of 130.55 last Tuesday, with traders currently waiting for a break above the key 133.30 level to increase exposure in the market. The area represents the 50% Fibonacci retracement of the March-October uptrend. While the latest recovery in momentum indicators endorses the positive action in the market, some caution is required as the RSI is still testing its 50 neutral mark. Moreover, the MACD has yet to enter the positive area, [..]

Daily Market Comment – Stocks eke out gains on China boost as Fed worries linger

Posted on December 27, 2022 at 10:14 am GMT

China reopens its borders, lifting jittery stocks in quiet holiday week Improved sentiment hurts dollar and yen; latter also weighed by Kuroda Oil extends gains on China news and US winter storm disruption China scraps quarantine rules, helps spread some festive joy Risk appetite was on the rise on Tuesday following China’s announcement yesterday that inbound travellers will no longer have to quarantine as of next month. The decision comes even as daily infections continue to surge across many parts [..]

Week Ahead – Markets quiet down for holidays, liquidity in control

Posted on December 23, 2022 at 10:11 am GMT

A quiet week lies ahead for FX markets as the year draws to a close. The spotlight will fall on the Bank of Japan’s summary of opinions, which will add some color around the recent decision to raise the yield ceiling that propelled the yen higher. More broadly, liquidity will be in short supply, making sharp market moves possible without any news catalyst. BoJ boosts yen In a surprise move, the Bank of Japan adjusted its yield curve control strategy [..]

Daily Market Comment – Dollar stays weak, Wall Street extends gains

Posted on December 22, 2022 at 9:37 am GMT

Dollar continues to feel the heat of Fed pivot expectations Nike, FedEx, and consumer sentiment help Wall Street Oil gains on US inventory drawdown Dollar on the back foot as investors maintain pivot bets The dollar traded slightly higher against most of the other currencies yesterday, but it came back under renewed selling pressure today. It seems that the dovish market expectations about the Fed’s future course of action continue to weigh on the greenback and this is evident by [..]

Daily Market Comment – Yen holds onto gains as stocks catch a bid

Posted on December 21, 2022 at 10:29 am GMT

Yen rally eases but maintains bullish momentum JGB yields spike again, hitting BoJ’s new upper cap Stocks perk up as Wall Street ends losing streak Yen has best day since 1998 The Japanese yen enjoyed its best day since 1998 on Tuesday following the Bank of Japan’s surprise move to widen the yield cap on 10-year bonds. Although the BoJ has been careful to present the shock decision as a necessary tweak to improve the functioning of the bond market, [..]

Technical Analysis – USDJPY bears meet 4-month low below 132.00

Posted on December 20, 2022 at 2:30 pm GMT

USDJPY fell to a four-month low of 131.98, diving almost 4% during today’s session. The bearish action happened as the downtrend line and the 200-day simple moving average (SMA) at 135.80 were both rejected. The MACD is strengthening its bearish momentum in the negative region and is near its trigger line, while the RSI is moving towards the oversold territory. If the price doesn’t bounce at the 131.35 barrier, the bearish wave could get stronger, and the focus would move to the low [..]

Daily Market Comment – BoJ shocks markets with policy tweak; yen soars, stocks tumble

Posted on December 20, 2022 at 10:04 am GMT

Bank of Japan makes surprise tweak to its YCC policy, insists it’s not tightening Dollar slumps 3% against yen, Nikkei plunges as markets see move as exit from stimulus Gold supported as broader market mood remains downbeat BoJ widens yield target range The Bank of Japan ended weeks of speculation about a policy pivot and took its first step on Tuesday to move away from years of ultra-loose monetary policy. In its first adjustment to its yield curve control policy [..]

Technical Analysis – USDJPY crashes on BoJ surprise tweak

Posted on December 20, 2022 at 9:07 am GMT

USDJPY crashed to a four-month low of 132.26 in the wake of an unexpected hawkish tweak in the BoJ’s yield curve control early on Tuesday. From a technical perspective, the bearish action was the outcome of the rejection near the key descending trendline and the 20-day simple moving average (SMA) at 137.00. With the price tumbling below the 200-day SMA for the first time in almost a year, traders will wait and see whether selling pressures will persist in the coming [..]

Daily Market Comment – Stocks steadier, dollar softer as markets weigh recession risks

Posted on December 19, 2022 at 10:16 am GMT

Weak PMIs heighten recession fears in the US, dollar slips from highs But equities attempt to end losing streak as investors pare back rate hike expectations Chinese stocks struggle amid surging virus cases as authorities pledge to boost growth Bank of Japan in focus as speculation of a policy shift intensifies Poor PMIs cast doubt on Fed’s dot plot Trading got off to a muted but somewhat more optimistic start on Monday in a week where volumes are expected to [..]

Technical Analysis – USDJPY stands in upward sloping channel in near term

Posted on December 19, 2022 at 9:45 am GMT

USDJPY has been developing within an upward sloping channel since December 2 around the 20- and 50-period simple moving averages (SMAs), which also roughly mark the mid-level of the recent range. However, the technical oscillators are suggesting a neutral-to-bearish momentum. The RSI is ticking slightly lower below the threshold of 50, while the MACD is moving sideways near its trigger and zero lines. A reversal to the downside could stall at the bottom of the channel near the 134.50 support level. Further below, as [..]

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