Forex News April 28, 2022

 

Japan

USD/JPY drops from 131.00 to 130.35 after hitting 131.00 earlier in the day

Excess FX volatility is undesirable

Will take appropriate action if necessary Communicating closely with BOJ and currency authorities of other countries

Again, these are merely verbal interventions, but they come at a critical time when USD/JPY is attempting to break above the 130.00 handle.

The fact that the official is threatening intervention is enough to cause the yen to recoup some of its losses today, though USD/JPY is still up 1.5 percent even at around 130.35.

Forex

  • The USD/JPY is up 2% to 131.00 as the yen continues to weaken.
  • There will be no catching the falling knife that is the yen.
  • The yen’s decline is unstoppable at the moment, as the BOJ’s policy meeting decision today did not help the currency. USD/JPY has briefly touched the 131.00 handle and is up 2% on the day.
  • The BOJ’s decision to maintain fixed-rate operations will do little to help the yen, and the fact that Kuroda continues to ramble on about ultra-easy policy highlights the monetary policy divergence between Japan and the rest of the developed markets, with the exception of Switzerland.
  •  As we approach 131.00, expect more verbal intervention from Japanese authorities in the coming days/weeks. The next key level to watch will be the 2002 highs near 135.00, but even that may just be a speed bump on the way up.

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