The yen slid against most of the major currencies during yesterday’s trading. The yen corrected some of its gains vs. the U.S. dollar as the USD/JPY pair gained 60 pips. The yen fell against the euro and the British pound as well.
The yen fell broadly after data showing Japan’s exports tumbled in September added to growing expectations of more policy stimulus from the Bank of Japan when it meets next week.
As for today, Japan will be absent from the economic calendar. The JPY’s trends will be affected by the rallies of its primary currency pairs. It seems the USD and EUR are expected to continue a volatile trading session today and their crosses with the JPY will likely be as well. Traders should keep a close look on the news coming from the U.S. and Europe as these economies will be the deciding factors in the JPY’s movement today.
| USD/JPY intraday: bullish bias above 79.65 |
Pivot: 79.65.
Our Preference: LONG positions above 79.65 with targets @ 80.1 & 80.35. Alternative scenario: The downside penetration of 79.65 will call for a slide towards 79.4 & 79.1. Comment: the pair stands above its support and remains on the upside. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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