radex78 Posted May 8 Share Posted May 8 USDJPY has looked bullish since the beginning of this week after falling last weekend due to Japanese intervention in anticipation of the continued weakening of the Japanese yen. NFP data also affects the value of JPY against the USD, the data shows that the actual value is lower than the forecast for a moment, causing the USD to weaken but after a few hours, it will strengthen again. The Fed may still be reluctant to cut interest rates because the inflation target has not been achieved. The Fed is targeting 2% inflation to cut interest rates but it seems that it will still take longer. The price is now near the middle band and if there is a breakout from the downside it is expected that the price will continue to rise to 155.00 or 156,000 shortly. Quote Link to comment Share on other sites More sharing options...
radex78 Posted May 8 Author Share Posted May 8 USDJPY yesterday drew a bullish candlestick with a long body reflecting a bullish market. The strengthening of the USD seems to be one of the reasons for the weakening of the JPY, the Fed's hawkish attitude in extending high interest rates is still driving the strengthening of the US dollar. The price is now above the middle band, the nearest target is 156,200 if further increases occur. In the H1 timeframe the price moves in the range of 155,360-155,650. Quote Link to comment Share on other sites More sharing options...
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