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Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 231974, member: 29339"] [B][SIZE=5]Yen in Search of New Lows, Commodity Currencies at a low Start[/SIZE][/B] [img]https://i.imgur.com/Cw9QH1k.jpeg[/img] In recent trading sessions, the dollar has been trading quite differently to leading currencies. Thus, the yen is reaching historical lows, European currencies have managed to correct, and the Australian and Canadian dollars are testing strategic supports. [B][SIZE=5]USD/JPY[/SIZE][/B] [img]https://i.imgur.com/pN5WQeu.png[/img] The absence of currency interventions from the Bank of Japan and strong macroeconomic data from the United States are pushing the USD/JPY pair to new levels, above which the price has not risen since 1990. However, in the coming trading sessions the situation may change dramatically: [LIST] [*] Today at 15.30 (GMT +3:00) US GDP data for the first quarter will be published [*] Tomorrow at 5.30 (GMT +3:00) a meeting of the Bank of Japan will take place, at which a decision on the base interest rate will be announced. [/LIST] This week, Japanese Finance Minister Shunichi Suzuki issued what is now the strongest possible warning about the possibility of intervention. "I will not deny that these events have laid the groundwork for Japan to take appropriate action (in the foreign exchange market), although I will not say what those actions might be," the official said. According to technical analysis of USD/JPY, the pair is in a phase of exponential growth, which can be interrupted at any significant resistance. If a downward pullback begins, the price may drop to 154.70-1.53.60. [B][URL="https://fxopen.com/blog/en/ru-yen-in-search-of-new-lows-commodity-currencies-at-a-low-start/?utm_source=earnforexforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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