FX:USDJPY U.S. Dollar/Japanese Yen
We have Golden Week in the Japan - time for relaxation and reflection. I hope that Mr. Kuroda will take a decision without waiting for a G-20 summit. On the chart we see standard behavior following fifth wave extension. Time to change the direction.
Trade active: ... still bullish:
Trade active: ..waiting for #BOJ extra meeting.
In fundamental, the Japanese Yen will go down. The market is totally irrational at this moment. The Government can only manipulate their own currency through Deficit Spending and Interest rate fluctuation. Well, Japanese government print tons of money, spending through Deficit Spending. So, the money supply increases. Therefore, the value of the Currency should go down not up.
I believe the Yen will be trading inside the Trading Range. Simply, there is no reason to go up further, because of the massive stimulus program in place. There is no reason to go down, because the negative interest rate. The current rally is sucking weak hand, who only understand the Price Action. The fundamental just wouldn't support any rally or any fall.