Japanese Yen Technical Analysis: USD/JPY, EUR/JPY, GBP/JPY

is sticking out as one of the few major Central Banks that’s not looking at rate hikes in response to inflation. And as we’ve discussed multiple times in these pieces, when carry trade themes start to come back, divergence potential with the Japanese Yen can spell for big moves. This was the reason that I was looking for, and that theme has continued to play-out as we now move into Q2, 2022.

But, now that the pair is going the other way – does that mean that rate hike prognostications are, too? Not necessarily. Price discovery is taking place in both of these markets at the same time and that’s why fx rates and spot prices aren’t always perfectly correlated. In JPY, this pullback seems to be more of a technical event after/JPY ran into the psychological level at 125, which has had a tendency to produce similar themes when coming into play over the past 20 years.

This same zone was resistance in USD/JPY in 2002 and 2007, followed by an inflection in 2015 after Shinzo Abe and Abe-nomics drove a 3-year pattern of weakness into the pair before finally topping out. But, around that episode is when Governor Kuroda had called out the 125.00 level in the pair as being significant and, ultimately, that helped to carve-out the top.

JStanleyFX The reason why EURJPY is bearish

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EUR/JPY eyes more losses below 135.00 as yen strengthens on BOJ’s unlimited bond buying programThe EUR/JPY pair is facing a decent correction amid a broader strength in the Japanese yen. The asset has surrendered its intraday gains and is off fr
Source: FXStreetNews - 🏆 14. / 72 Read more »

First Mover Americas: Bitcoin Trades at Discount in Japanese Yen Markets'Investors can no longer ignore the developments in Japan,' writes godbole17 as the yen slides and bitcoin trades at a discount there. This morning's First Mover Americas. godbole17 Check out the latest project PayItNow_PIN It’s a great BSCGem w/ utilities Low-MC & doxxed dev. Website: BSC Crypto Altcoins godbole17 Recently，lots of people talk about X-Metaverse(XMetaverse_), it is a blockchain 3D card strategy black_joker game. All game content items and characters are based on blockchain tokens and NFTs package. godbole17 Can't imagine how much usdt they have lost
Source: CoinDesk - 🏆 291. / 63 Read more »

BOJ’s Kuroda: Cost of buying USD to purchase commodities is one of main factors behind yen weakeningFollowing his meeting with Japan’s Prime Minister Fumio Kishida, Bank of Japan (BOJ) Governor Haruhiko Kuroda said that the “cost of buying dollars to
Source: FXStreetNews - 🏆 14. / 72 Read more »

GBP/JPY falls back under 160.00 mark as yen shorts pared, bears eye retest of 158.00 supportThe yen’s broad recovery continued for a second day on Wednesday as traders continued to pair short positions against the currency in wake of recent j
Source: FXStreetNews - 🏆 14. / 72 Read more »

GBP/USD Nudges Higher on USD Weakness, EUR/GBP Rallies, GBP/JPY Slips LowerA mixed bag for Sterling traders to look at today with GBP pushing higher against the US dollar and continuing its short-term fall against the Euro and the Japanese Yen. Get your market update from nickcawley1 here:
Source: DailyFX - 🏆 305. / 63 Read more »