The USDJPY has experienced bearish pressure due to recent interventions by the Bank of Japan (BoJ), which has been purchasing Yen to stabilise its currency. According to Bloomberg, the BoJ has spent over $62 billion in the past month on these interventions.
Despite significant USD strength over the JPY driven by the interest rate differential, the chart shows prices dipping below the 155 level. This suggests that the BoJ's efforts have had a noticeable impact on the exchange rate.
It's crucial to consider that the BoJ may continue its intervention strategy, potentially leading to further corrections in USDJPY. Therefore, effective risk management is essential, including taking partial profits to safeguard against volatility.
My entry on USDJPY:
I am in a buy trade from 155.700. I plan on monitoring Monday and Tuesdays price action to potentially add to my positions ahead of Wednesdays numbers.
The following is news and data we need to keep an eye out for over the coming week:
Core CPI m/m, CPI m/m, CPI y/y
Federal Funds Rate
FOMC Economic Projections
FOMC Statement
FOMC Press Conference
Core PPI m/m
PPI m/m
Unemployment Claims
Prelim UoM Consumer Sentiment
Good luck guys!
Despite significant USD strength over the JPY driven by the interest rate differential, the chart shows prices dipping below the 155 level. This suggests that the BoJ's efforts have had a noticeable impact on the exchange rate.
It's crucial to consider that the BoJ may continue its intervention strategy, potentially leading to further corrections in USDJPY. Therefore, effective risk management is essential, including taking partial profits to safeguard against volatility.
My entry on USDJPY:
I am in a buy trade from 155.700. I plan on monitoring Monday and Tuesdays price action to potentially add to my positions ahead of Wednesdays numbers.
The following is news and data we need to keep an eye out for over the coming week:
Core CPI m/m, CPI m/m, CPI y/y
Federal Funds Rate
FOMC Economic Projections
FOMC Statement
FOMC Press Conference
Core PPI m/m
PPI m/m
Unemployment Claims
Prelim UoM Consumer Sentiment
Good luck guys!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.