BOJ Continues Easing, Yen May Weaken Further
As BOJ kept its monetary policy unchanged, the yen is set to weaken further.
The price has been holding steadily at 111 and supported by a daily rising trendline just before the release of BOJ monetary policy statement.
As the news is released, USDJPY came down at first, but quickly recovered its losses climbed to 111.43.
A head and shoulder formation was discovered at the same time, giving more technical support for further appreciation, should the price manages to close above the neckline and subsequently above 111.5.
The price has been holding steadily at 111 and supported by a daily rising trendline just before the release of BOJ monetary policy statement.
As the news is released, USDJPY came down at first, but quickly recovered its losses climbed to 111.43.
A head and shoulder formation was discovered at the same time, giving more technical support for further appreciation, should the price manages to close above the neckline and subsequently above 111.5.
Comment:
Price testing 111.5 now
Comment:
Price broke through 1.15 and reaches 1st take profit. The dollar has survived a fall during european session. As long as the dollar can form a bullish candle, preferably no long upper shadows, USDJPY will make another leap higher.
Trade closed manually:
Trade already closed since failure to break above 112 and awaiting retracement to long again.
