The Japanese yen tanks on Tuesday, sending USD/JPY and EUR/JPY sharply higher after Bank of Japan’s monetary policy announcement fails to live up to market expectations.
USD/JPY IG Client Sentiment: Our data shows traders are now at their least net-long USD/JPY since Oct 03 when USD/JPY traded near 149.10.📉 $SPX showing a tendency to pullback after declining around 6%. We were around those levels on Friday/Monday. RSI also making a r...after the Bank of Japan maintains its policy of negative rates and only modestly tweaks its yield curve control programBritish Pound – GBP/USD and EUR/GBP Technical Outlooks/JPY was up about 1.5% to 151.
The yen’s drop was worsened by news that the Ministry of Finance had stayed out of FX markets recently. Traders believed that the government had taken measures to support the currency earlier this month, but official data contradicts this claim. This means that the high volatility experienced a few weeks ago, when USD/JPY broke above 150.00, was probably the result of trading algorithms.
USD/JPY broke out on the topside, clearing the 151.00 handle on Tuesday hitting its highest level in more than 12 months. With bullish momentum on its side, the pair could soon challenge a key ceiling at 151.95, which corresponds to last year’s peak. On further strength, the focus shifts to channel resistance at 152.85.
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