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FOMC vs BoJ Intervention Today’s FOMC meeting policy was as expected, with a 75-basis-points rate hike to 3.25%. In reaction, the USD/JPY moved towards the upside breaking a daily consolidation level. The JPY, however, may find some support after the Bank of Japan (BoJ) carried out a rate check in preparation for a possible intervention for the currency. Japan is now prepared at any time to intervene in the forex market to support the yen (by selling dollar/ buying yen), if needed. On the technical side, after the rate decision from the FED, the 145.00 price level comes into stronger focus. According to Mean Reversion Channel (Fareid's MRI variant) Indicator, the price is currently hovering at the weak overbought condition zone. As such, there is a suggestion that the USD/JY still has a limited potential to the upside before reaching the strong overbought area. If the price breaks above the 145.00 resistance level, the MRC indicator suggests that a target above 147.00 may be wishful thinking in the very near term. encounter increasingly strong resistance at 147.00 as indicated by the MRC indicator for a conservative target or push towards the 150.000 psychological supply zone with strong momentum otherwise. Long-term targets would be around 150.00, and the 1990 high price point of 160.00. These longer-term targets are contingent on the BoJ remaining neutral and not intervening in the currency markets. If the BoJ does in fact intervene, watch for the price to test 143.00 support area. Without knowing exactly how far the BoJ will go to support the yen, the market may get spooked and a larger sell-off in the USD/JPY than the BoJ is directly responsible for may occur. A break below that zone could potentially retest the 140.353 indicated by the MRC.
by BlackBull_Markets
1
UK electing new leader; how will this affect the GBP? As the UK will announce a new Prime Minister on September 5th, we might expect heightened volatility in the GBP in the days before and after the election result. Moreover, the new policymaker has the potential to change the long-term trend of the pound, with the potential reforms conducted impacting the UK economy. Only a few days remain until the new prime minister is appointed, so the current polls are indicative of the election's results projections, especially if the difference is significant. Liz Truss is ahead of Rishi Sunak, with the recent polls placing Truss 30 points ahead of Sunak. If nothing radical happens in the next several days, Liz Truss will be a prime minister, with odds of 91%, according to The Telegraph. What are the implications for GBP? Liz Truss stands out by having an agenda including popular policies, such as lowering taxes. On the contrary, Rishi Sunak is focused on tight fiscal policies, including raising corporate taxes. In an already high-inflation environment, low taxes could push consumer prices even higher. The Bank of England is likely to step in and raise the interest rate in response, potentially supporting the GBP. Therefore, if Liz Truss takes control of the UK government, the GBP may strengthen. The bearish sentiment for GBP may occur if Rishi Sunak wins. Technical view on GBP The GBP bulls may want to look at GBP/JPY, as the yen has been weak across the board in 2022. The pair is in a long-term uptrend, as the prices stay above 200-day MA. Since the beginning of August, GBPJPY has been consolidating under 50 and 100-day MAs, forming a triangle. The breakout above the upper border and MAs around 163.0 may end the long-term correction and send prices to the 168.0 resistance. Alternatively, GBP/USD could be an appropriate pair to go short if the pound acts weak.
by BlackBull_Markets
GBP/JPY Short analysis 280-300 pips possibilityThe overall trend for GBP/JPY last couple weeks is for short. I've made this analysis considering various elements in technical analysis which have been respected and some zones that the price has been rejected into aswell in the past. Couple of chart patterns such as support/rezistance, trendline and fibonnaci have been respected in this analysis, so there is a high probability in the next couple of days for this pair to continue the down trend. Any comment/suggestion is welcomed .
by KRDX
Japanese Yen, is it now to correct the bull move?All major pairs beat Japanese Yen for weeks, very strong bull move. Not to mention the USD. NOW, with an exception of USDJPY, is it now to do the correction. This week signals for the correction, 4H swing low have been taken (EURJPY, CADJPY, AUDJPY) and need confirmation next week, when bull re-testing this week high. The moment of truth :) If bull fails, this would be interesting. Embrace the mighty bear's move. It is very likely the bearish move would mirror the bull move, STRONG AND LONG bars.
AShort
by dxw026
Japanese Yen - Why The Yen is Fundamentally WeakThe Japanese Yen is fundamentally weak as low inflation in Japan is causing the Bank of Japan to keep interest rates low, at a time when other central banks in the U.S, Canada, Australia, New Zealand and the UK are raising rates to deal with high inflation in their domestic economies. The interest rate differentials and divergence in monetary policy are forcing Japanese Investors to sell the Yen in exchange for currencies that pay a premium interest rate on Government and corporate bonds.
Short
by KayansMarkets
2
GBP/JPY - ANALYSIS - @TradersLounge.USHello everyone! Here's my analysis for GJ!! Price is currently trading around a weekly resistance. Price was in this area in Jan' 22 and Oct '21. We could potentially see a triple top or a possible break above due to higher low on 1W timeframe. I will be looking for swing trades on 4H-1D. Remember, we have to react to the market. I am on the look out for buys if we break the trend line. Sells if we break below support. Let me know what you see!! #HappyTrading Miajah Lead Trader @ Trader's Lounge
Short
by miajahmarable