Strifor || USDJPY-BoJ Meeting
Preferred direction: SELL
Comment: The main event of the week is just around the corner. At the end of this week there will be a meeting of the Bank of Japan, where the interest rate will be decided, and most importantly, the immediate prospects for monetary policy will be announced. A large number of market participants expect intervention from the Bank of Japan against the backdrop of a weakened yen, which should strengthen the Japanese currency, especially against the US dollar.
On Thursday, the USDJPY currency pair recorded a new high this year, breaking last year's high a month ago. The current aggressive growth is most likely related to the upcoming meeting of the Bank of Japan, and the price of the instrument is simply being increased to confuse market participants. Against this background, we continue to adhere to the selling priority, according to which the main scenario №1 assumes a fall from current prices. But the likelihood of increased volatility is high, especially during a meeting of the Japanese central bank, so scenario №2 is also in our arsenal. We set the downside target at 153.222.
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: The main event of the week is just around the corner. At the end of this week there will be a meeting of the Bank of Japan, where the interest rate will be decided, and most importantly, the immediate prospects for monetary policy will be announced. A large number of market participants expect intervention from the Bank of Japan against the backdrop of a weakened yen, which should strengthen the Japanese currency, especially against the US dollar.
On Thursday, the USDJPY currency pair recorded a new high this year, breaking last year's high a month ago. The current aggressive growth is most likely related to the upcoming meeting of the Bank of Japan, and the price of the instrument is simply being increased to confuse market participants. Against this background, we continue to adhere to the selling priority, according to which the main scenario №1 assumes a fall from current prices. But the likelihood of increased volatility is high, especially during a meeting of the Japanese central bank, so scenario №2 is also in our arsenal. We set the downside target at 153.222.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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