The Japanese yen is trading lower against the dollar on Monday, as the Japanese PM signalled no change in the country’s extremely loose monetary policy. However, traders are still waiting for the decision on the appointment of the new BoJ governor, and how his policies could further weaken the yen. The G20 refrained from criticising Japan’s polices to weaken the yen, and maintained that there will be no currency war.
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Technical Analysis
In terms of technical analysis, the JPY/USD is trading in very much in a sideway pattern as shown in the chart. The price action is near its resistance level, which could change or bring pause in this upward trend.
Important Levels
Support Level
92.26-92.263
Resistance level
94.46-94.19
DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
by Naeem Aslam