USDJPY may slide lower
The Japanese yen recently hit its 20-year low, prompting intervention from the BOJ. This is probably not a one-time action, and we may observe similar dynamics in the upcoming days.
Yields of 10-year bonds in Japan continue to grow, while 30-year Treasury bond yields in the US are consolidating. Despite the increased "haven demand" (the US dollar), the Yen may be heavily oversold, and USDJPY has the potential to move lower.
After a sharp wave of selling, USDJPY is consolidating at around $158 - the upper border of Bollinger bands and a horizontal resistance area, which may serve as a level to build a short position.
Price action is muted ahead of the Fed: traders are awaiting the speech of Fed Governor Jerome Powell later today. Volatility may pop up during his speech.
Trade well and manage risks at all times!
Yields of 10-year bonds in Japan continue to grow, while 30-year Treasury bond yields in the US are consolidating. Despite the increased "haven demand" (the US dollar), the Yen may be heavily oversold, and USDJPY has the potential to move lower.
After a sharp wave of selling, USDJPY is consolidating at around $158 - the upper border of Bollinger bands and a horizontal resistance area, which may serve as a level to build a short position.
Price action is muted ahead of the Fed: traders are awaiting the speech of Fed Governor Jerome Powell later today. Volatility may pop up during his speech.
Trade well and manage risks at all times!
Feragatname
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