The week is kicking off with some fresh Yen buying. It seems that the Japanese currency is currently correcting some of the huge losses it has experienced over the past months. The USD/JPY is currently trading at 100.90, 0.40% down for the day. Other Yen crosses are experiencing similar behavior. The BoJ meeting minutes indicated that some members are worried that the 2% inflation target might be very hard to accomplish within the set two year timeframe. The Nikkei is recording losses of 3.1% . The EUR/USD is trading in a tight range for now, between 1.2915 and 1.2945. The pair could continue sideways as the U.K. and U.S. markets are closed and there are no major data releases due today.
Trade Idea
USDJPY 4H Chart:
The pair seems to be losing some momentum recently and a retracement back to 100 area is possible. This should provide a good opportunity for fresh longs targeting higher. If 100 level however is penetrated then this might signal further downside risk.
USD/JPY H4" title="USD/JPY H4" width="1324" height="665">
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Nikkei Lower, JPY Higher
Published 05/27/2013, 02:50 AM
Updated 04/25/2018, 04:40 AM
Nikkei Lower, JPY Higher
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