Jump to content
  • 0

USD/JPY assessment


Anna Williams
 Share

Question

1 answer to this question

Recommended Posts

  • 0

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.

 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. To reply to this question, sign in or create a new account.

Guest
Reply to this question

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...