The USDJPY shot upward for over 6 months. Now, in the past few weeks it has retraced but, is also showing the possibility of being bullish again. Note the pin bar on the chart below and to the right.
June’s BOJ (Bank of Japan) meeting will be held tomorrow. May’s meeting didn’t consist of too much excitement. Bank leaders were content with the pace of recovery and said they will continue the QE program. There are no rate changes expected for tomorrow. Nevertheless, economists and investors will be keeping a close watch on what BOJ leaders have to say.
From November to May, the Yen fell around 2500 pips against the United States Dollar. The Japanese Yen weakness in the Forex Market was thought to be caused intentionally by the Bank of Japan. Since Japan has an export-based economy, theoretically a weak Yen means more economic activity for Japan.
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