JPY – Yen Closes Week Out on Bullish Note

USD/JPY intraday: under pressure.

Pivot: 79.90. Our preference: SHORT positions below 79.9 with 79.4 & 79.15 in sight. Alternative scenario: The upside penetration of 79.9 will call for 80.1 & 80.35. Comment: the pair stands below its new resistance and remains under pressure.

JPY – Yen Closes Week Out on Bullish Note

After speculations that the Bank of Japan (BOJ) will soon initiate a new round of monetary easing turned the yen bearish against most of its main rivals early last week, the currency was able to recover some of its losses before markets closed on Friday. The EUR/JPY tumbled close to 90 pips to trade as low as 102.67 during mid-day trading. An upward correction brought the pair to 103.03 by the end of the day. Against the US dollar, the yen gained close to 40 pips for the day. The USD/JPY closed out the week at 79.63.

This week, yen traders will want to pay close attention to Tuesday’s Japanese Monetary Policy Statement and Bank of Japan press conference. If the BOJ does choose to initiate a new round of monetary easing to boost Japan’s export industry, the yen could see significant losses against both the US dollar and euro.



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