USDJPY: Fears of BOJ intervention could push USDJPY lower
Some of our members asked me about USDJPY, so I am re-posting this analysis on the 60-minute timeframe.
From a technical perspective, USDJPY has nothing to bearish.
There is not even a bearish pattern.
Why might it fall again?
The top formed at 162.85 shows that USD/JPY reached a 38-year high. It has never been in that area before. After testing this area, the BOJ initiated a small Forex intervention by lowering the price to 160.50.
Once again, the market is waiting for a possible BOJ intervention considering that they already showed interest near 162.85 and stopped the price there. This could be the only reason for USDJPY to fall... fear of BOJ intervention in the currency.
From a technical perspective, it remains only bullish.
You can find more details on the chart.
Thank you and good luck! 🍀
⚠️PS: Do your own analysis and use your own strategy to join the trade.
❤️ If this analysis helps your trading day, please support it with a like or comment ❤️
Some of our members asked me about USDJPY, so I am re-posting this analysis on the 60-minute timeframe.
From a technical perspective, USDJPY has nothing to bearish.
There is not even a bearish pattern.
Why might it fall again?
The top formed at 162.85 shows that USD/JPY reached a 38-year high. It has never been in that area before. After testing this area, the BOJ initiated a small Forex intervention by lowering the price to 160.50.
Once again, the market is waiting for a possible BOJ intervention considering that they already showed interest near 162.85 and stopped the price there. This could be the only reason for USDJPY to fall... fear of BOJ intervention in the currency.
From a technical perspective, it remains only bullish.
You can find more details on the chart.
Thank you and good luck! 🍀
⚠️PS: Do your own analysis and use your own strategy to join the trade.
❤️ If this analysis helps your trading day, please support it with a like or comment ❤️
Trade active
Note
🚨Breaking: Yen has continued to gain after finance minister Katayama's commentsJapan will seek measures encouraging GPIF and other pension funds to raise investment in Japanese financial assets, Finance Minister Katayama said.
It was the news creating the bearish movemetn...it had nothing related to a technical movement as I explained
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✅MY FREE Signals Channel
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅Suggested News Channel
t.me/ForexNewsNavigator_Official
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅Suggested News Channel
t.me/ForexNewsNavigator_Official
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.