USD/JPY extends range trade...来自FatGor

22 May 2020, 15:35 · 阅读量 953

USD/JPY extends range trade after BOJ’s status-quo, US-China tussle to keep downside pressure

USD/JPY was trading range bound on the day at 107.53 at around 03:30 GMT, intraday bias neutral.

BOJ’s inaction during the early Friday left trades unimpressed. The Japanese central bank left monetary policy unchanged during the surprise meeting as widely expected.

The BOJ announced additional measures to support the economy, citing virus outbreak fears, and showed readiness to act.

Latest updates from China’s 13th National People's Congress (NPC) weigh on the risk-tone and help the Japanese yen to extend recoveries, weighing on the pair.

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ECB announced €600 billion worth of bond buybacks, and the Euro tried to break out during the trading session on Thursday. While normally bad for a currency, the initial reaction was very bullish. Since then, the markets have calmed down a bit and it looks as if the 1.1250 level is going to continue to offer a bit of a barrier. With that in mind, I do think that if we break down below the lows of the Thursday session, we can begin the correction that is so desperately needed in this market. At this point, only fools are buying after a move like this. Yes, it can extend it but that only adds more fuel to the fire when we pullback. If you wanted to get long of this market, you need to do it after a significant pullback so that we can gain the necessary momentum to do that.

FatGor

The USD/JPY stumbled on Monday as the greenback continued to lose its appeal as a safe-haven currency. The US Dollar was pressured after investors were relieved that US President Trump made no move to impose new tariffs on China during a news conference on Friday where he outlined his response to Beijing's tightening grip over Hong Kong.

FatGor

The market is likely to continue to see a lot of back and forth due to the fact that the US dollar and the Japanese yen are both considered to be safety currencies.

FatGor