BOJ had a Monetary Policy Meeting today, and the URL of the announcement is here
The initial reaction was Yen-Bear (USDJPY jumped up from 122.50 to 123.50), but then it retraced more than 100% !!
You can read the details of the announcement in a different post. So I will not repeat here again.
Did Kuroda Bazooka misfired? Should I be Bear?
Well, that’s your alpha.
But for me, I still respect Ichimoku. Here is Weekly Ichimoku of USDJPY pair.
This pair is still well supported by the weekly Cloud (as well as Daily Cloud).
So I remain to be Bull.
In my opinion, it may be true that Kuroda is running out of his options. However, the basic fundamentals remain the same – Divergence of the Interest rate between USD and JPY.
Also the current rise of USDJPY can be considered as USD Strength, rather than JPY weakness.
As a Bull, what do I do? Just look for the next buy zones.
- 121.65 : WPP & Fib50%
- 121.50 : Support zone & Psycho number
- 121.00: MS1 & Psycho number
- 120.30: Next Support zone
Hope this helps your analysis.
YJ Baik – Forex.Today @ Tokyo