Is a 97.00 USDJPY something that we could see in the next couple weeks?
After the new BOJ Governor’s first press conference, Yen weakness prevailed in the market and investors are selling Yen in expectation of further weakening.
In recent months it has been predicted that the USJPY will go to 100.00. Making it’s way into the 96’s and then retracing some, many may have thought it’s weakness subsided. As of today though, it would appear that the Yen’s weakness is far from over.
JPY Daily Chart
First Press Conference for new BOJ Governor Kuroda
Many influential decisions were made at the meeting: The BOJ is to “conduct money market operations so that the monetary base will increase at an annual rate of JPY 60 trillion to JPY 70 trillion”. Also, the BOJ is to combine their bond buying programs to buy JGBs with up to 40 year maturities. Bond holdings are to rise to 50 trillion Yen annually.
The radical Yen weakener, Japan leader Shinzo Abe and the brand new BOJ Governor Haruhiko Kuroda seem to unashamedly want to decrease the value of the Yen.
With their words carrying more weight than anyone else in Japan, it is likely that they will get what they want. Investors who have taken advantage of the Yen short since November have to be very happy right now and there is a high probability of the Japanese Yen weakness continuing.
Always feel welcome to connect & comment!
[column size=”1-2″ last=”0″ style=”1″]
[column size=”1-2″ last=”1″ style=”2″]
Click on the picture to learn more about having a Forex Trading System
Latest posts by admin (see all)
- How to Use Candlestick Patterns to Start Winning More Trades - March 19, 2017
- Weekly Review Strike 3.0 - December 16, 2016
- I made 3.91% Return Today - October 20, 2016
Winner’s Edge Trading, as seen on: