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Anna Williams

USD/JPY assessment

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USD/JPY didn’t react to the Bank of Japan’s (BoJ)“summary of opinion” document from the  April meeting. Among other things, the document shows that the BoJ believes that the economy “likely to remain in a severe state for time being”. 

Technically, after a volatile trading period amid the coronavirus outbreak and the stock market crash, the USD/JPY is now trading in a more calm fashion. The pair is attempting to break out above the descending wedge, although with no real volume behind this attempt so far. 

Still, the resistance of the descending wedge didn’t manage to keep the price action underneath itself and therefore exposing the $107 level. A break of this level would pave the way for USD/JPY to test the $108 mark in the coming days. Overall, I see USD/JPY trading between $106.50 and $108 for the rest of the month.

 

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