MY USD/JPY DAILY ANALYSIS (THE WEEK AHEAD)
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I will be focusing on the Yen pairs this week as we await the BOJ rate decision thursday the 28th. I will be watching closely for Japan's Export and trade balance numbers tonight at 19:00 EST for an early indication of whether the BOJ will do nothing or implement some form of additional easing, whether it be through more asset purchases or a rate cut The market is expecting Kuroda to add further easing so if he did nothing or hinted for a later time then that should have a stronger effect on the Yen then if he took action. As for the FED they announce their rate decision this week Wednesday the 27th the market is not expecting a rate hike but keep in mind that Yellen said her last meeting that "every meeting is live" where as in the past it was really considered that only meeting followed by press conference where live.
My plan for Dollar/Yen:
I will be focusing on the Yen pairs this week as we await the BOJ rate decision thursday the 28th. I will be watching closely for Japan's Export and trade balance numbers tonight at 19:00 EST for an early indication of whether the BOJ will do nothing or implement some form of additional easing, whether it be through more asset purchases or a rate cut The market is expecting Kuroda to add further easing so if he did nothing or hinted for a later time then that should have a stronger effect on the Yen then if he took action. As for the FED they announce their rate decision this week Wednesday the 27th the market is not expecting a rate hike but keep in mind that Yellen said her last meeting that "every meeting is live" where as in the past it was really considered that only meeting followed by press conference where live.
- Looking for short opportunities below last week's highs @107.494 Bearish invalidation level.
- Looking for price to drop down into the 50 or 618 fibonacci retracement @ 103.72 - 102.83
- I'm going to be watching for a Longer term bullish trend reversal that could lead up to 116.00 due to fundamentals.
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