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JPY Overview: Sell off is likely to continue

BoJ’s Kuroda is on out on the wires now, via Reuters, making a parliamentary appearance again today.

On Tuesday, Kuroda sparked a sharp Yen sell-off across the board after he said that the BoJ is ready to ease further if there is any difficulty in achieving the 2% price target.

Main Headlines:

Currency rate is decided by various factors.

No one thing decides currency levels.

Yield spreads can affect currency moves.

Doesn’t believe current BoJ policy is weakening the Yen.

BoJ policy doesn’t target currency levels.

BoJ policy is aimed at stabilizing prices.

Believes that this view is understood by the US.

I would like to take a quick look at some GBP crosses on the bigger charts.

CADJPY

The pair is trying to break the neckline of the Cup and Handle pattern on the Daily Chart. The targets of the pattern are 85.90 87.50 and 89.00

On the smaller charts, a bearish butterfly pattern would be completed. I will publish the details for the members. This week important data set will be released from Canada. We may see a bullish run on the pair.

GBPJPY

Dragon made a perfect bull run. Now we may see a minor retracement.

The pair is testing the SMA 200 resistance on the daily chart. Daily cloisngs above 145.300 would carry the pair 146.87 and 148.800. Brexit is the only resistance. Good news could carry the pair 150.000 and 152.000 very fast.

USDJPY 

FOMC minutes will be released today. Shorter term 111.000 -112.00 interval will continue to limit the bullish run. Breakout of 112.000 would carry Anka 114.000 near term.

It is obvious that Kuroda does not want a strong Yen. He is likely to all necessary actions to keep Yen weak.

 

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JPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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