BluetonaFX - USDJPY Yen Under Serious Pressure
Hi Traders!
The Japanese yen seems to be under pressure from the US dollar, and it could be under further pressure by the time of the Bank of Japan's (BoJ) press conference at the end of next week. The markets will be looking out for the BoJ's outlook on Yield Curve Control (YCC) in regards to Japan's inflation problems; otherwise, the bearish outlook for the yen is likely to continue.
From a technical standpoint, USDJPY is trading with momentum, and we may see a retest of the 145.073 resistance level. Here on the 1W chart, we can see that the market held above the key support level at 137.915. After the price rejection at 137.915, we broke back above 140 and are now trading comfortably in the 141 area.
If the Federal Reserve increases interest rates next week, further bullish waves are highly likely. The BoJ's press conference will be at the end of the week, after the Fed's decision, so by then, the yen could be under serious pressure. If 145.073 breaks and the yen's outlook is seriously weak, then we have our long-term Apex level at 151.946 marked on the chart.
Please do not forget to like, comment, and follow, as your support greatly helps us.
Thank you for your support!
BluetonaFX
The Japanese yen seems to be under pressure from the US dollar, and it could be under further pressure by the time of the Bank of Japan's (BoJ) press conference at the end of next week. The markets will be looking out for the BoJ's outlook on Yield Curve Control (YCC) in regards to Japan's inflation problems; otherwise, the bearish outlook for the yen is likely to continue.
From a technical standpoint, USDJPY is trading with momentum, and we may see a retest of the 145.073 resistance level. Here on the 1W chart, we can see that the market held above the key support level at 137.915. After the price rejection at 137.915, we broke back above 140 and are now trading comfortably in the 141 area.
If the Federal Reserve increases interest rates next week, further bullish waves are highly likely. The BoJ's press conference will be at the end of the week, after the Fed's decision, so by then, the yen could be under serious pressure. If 145.073 breaks and the yen's outlook is seriously weak, then we have our long-term Apex level at 151.946 marked on the chart.
Please do not forget to like, comment, and follow, as your support greatly helps us.
Thank you for your support!
BluetonaFX
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