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- USD/JPY May Go Further Down
USD/JPY May Go Further Down
USD/JPY could be ready for another downside move. The first two waves of an immediate market response to the Bank of Japan's (BoJ) discussion and launch of tightening monetary policy already made the Yen stronger. Though the crowd expected a stronger pivoting signal. The BoJ announced its decision to loosen its defence of a long-term interest rate cap to shift away from years of its considerable stimulus, feeling that global inflation's impact on the Japanese economy is mounting. In fact, tweaking its bond yield curve control scheme (YCC) to respond to risks is a newspeak name for the effective interest rate hike, as the BoJ is making a first step to come in line with other major world's central banks. And so, it could allow the Yen to strengthen more. A fast retest of this Friday's morning low around 138 is now looking as just a point for the next short-time move. The chance of further descent of the bigger mountain depends on the nearest attempt's success. Yet, the selling bet intraday is a nice opportunity in itself. A proper stop loss order should be placed, from the classical technical analysis' point of view, a little bit higher than a recent price spike traced on charts in Asian hours.
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