Get today's long and short trade ideas for the USDJPY pair here:
, I wrote that the price would continue to rise towards ¥132.88 where bulls would face a stronger challenge. This was a perfect call, as this is exactly what happened, with a bearish reversal taking place from a rejection of the resistance at ¥132.88.
The technical picture was very bullish last week as the Japanese Yen was in the Forex market’s focus and showing relatively high volatility. This is partly caused by the impending replacement of Bank of Japan Governor Kuroda , with candidate Ueda scheduled to testify before the Japanese Parliament this Friday, where he will face questions about his monetary policy. There is some expectation that a policy shift is likely, which could produce big swings in the Yen.
The US Dollar is also in focus with increased speculation that the terminal rate there will be even higher than the widely expected 5.25%.The technical picture now has become a little more bearish as this week gets going towards the end of Monday’s Tokyo session, with a first lower high shown below in the hourly price chart rejectingThis suggests that the price is likely to keep moving lower, but it could find minor support if it reaches the lows at about ¥133.60.
There is nothing of high importance scheduled today regarding either the USD or the JPY. It is a public holiday today in the USA.
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