Implications and Outlook
1. The Japanese Yen remained on the back foot following the BoJ (Bank of Japan) pledged to maintain rates of interest extremely low in the meantime - right after its most recent policy assembly on Tuesday.
2. Even though the rapid climb looks to be moving ahead of itself, there isn't any indication of lack of strength at this time; then there is scope for the present currency muscle to keep to extend toward Key Resistance 112.870.
3. On the downside, Key Support is at 109., but the only break of Mean Support of 110.990 and Mean Support 110.440 would suggest that the major short-term top is in place by fulfilling Currency Dip 109.900.
4. Current Currency Strategy Bias: Bullish 70 / Bearish 30
1. The Japanese Yen remained on the back foot following the BoJ (Bank of Japan) pledged to maintain rates of interest extremely low in the meantime - right after its most recent policy assembly on Tuesday.
2. Even though the rapid climb looks to be moving ahead of itself, there isn't any indication of lack of strength at this time; then there is scope for the present currency muscle to keep to extend toward Key Resistance 112.870.
3. On the downside, Key Support is at 109., but the only break of Mean Support of 110.990 and Mean Support 110.440 would suggest that the major short-term top is in place by fulfilling Currency Dip 109.900.
4. Current Currency Strategy Bias: Bullish 70 / Bearish 30