USD/JPY Price Analysis: Bears step in, but there is some work to do yet – by fx_ross USDJPY Technical Analysis
The Japanese Finance Minister Shunichi Suzuki jaw-boned the currency but that did nothing to prevent it from falling to a 24-year low on Tuesday. He reiterated that sharp yen moves were "undesirable" and that he was watching rising volatility in the exchange market with a "great sense of urgency".
The yen has slumped nearly 20% since the start of the year, on diverging monetary policies between Japan and the United States. However, the Reserve Bank of Australia also hiked rates this week and the focus will turn to thewhich is also expected to pull the trigger again, potentially hiking as high as 75bps.
From a 15-min time frame basis, the peak formation is more convincing, but a correction to the 61.8% could still be on the cards to restest the support of the topping formaiton. A downside extension of the bearish breakout impulse could be on the cards thereafter. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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