- I predicted U/J would retrace to 99.40 and then moved to 101 level.
So what next ?.
Next week, there is no data for USA, but JPY has two main events.
- BOJ Minutes on Monday
- CPI on Thursday.
Yesterday, BOJ announced that they will keep monetary policies unchanged.
I think nothing new in BOJ Minutes.
I concentrate in CPI (YoY). BOJ said that they wanted to see CPI reached 2% in 2015.
If CPI is good,the advance of U./J will be strengthened.
Like I said, two elements affect U/J are:
- Nikkei 225
-US 10 years T-Bond .
Both are on the run higher. If FED unchanges , no taper next months, Dow Jones , S&P rise --->; Nikkei 225 rise --->; U/J rallies.
I think U/J will test 102 zone in next week. So I choose Long position, but be careful, 101zone is a very strong . U/J might retrace a little bit , i think U/J could retrace to 100.40 and then rally again to 102.
I don't have much ideas for , simply U/Y is on the trend. .
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I don't see an uptrend, only a sideward range.