The bias for the USDJPY remains bullish. The uptrend is still intact in the short-term and this will remain the case as long as the price action stays above the 80-80.20 region. The targets above the current market price are noted at 82.25 initially, followed by 84.20.
Save for when the Bank of Japan has intervened, the last few months have seen very lacklustre price action on the USDJPY pair. Whilst the interventions caused seismic shifts, the residual effect is that traders have been shying away from this pair because of the potential for further interventions. Subsequently, it is very difficult to have a [...]
Heading into the new trading week the key area of focus for the USDJPY is 78.35. If this region is cleared by the bulls, it could open up a pathway into 79.50. Conversely, if this region cannot be cleared then a rotation lower is the more likely outcome, back into support in the 77.20-50 region. [...]
The Australian dollar has been sold off over recent sessions with a number of economic announcements hurting the local unit. Overnight, the yen strengthened against all 16 of its major counterparts, with investors seeking safe-haven refuge after an unexpected slowdown in German industrial production. The impending BoE interest rate decision due out this evening is [...]