Since the price has recently shifted from BULLISH to BEARISH, I would consider entering this order during a potential change in the trendline that could signal a return to a bullish trend.
Strong resistance formed at .800 zone.
According to the news of the day, this zone can easily be exceeded to reach the daily resistance.
About BOJ
Just last Sunday, the Governor of the Bank of Japan (BOJ) acknowledged that the weakness in the yen was a concern and hinted at possible measures to address it. He used more technical language, mentioning the importance of restoring market pricing. However, the main takeaway for the market was what mattered. However, just two days later, on Tuesday, he seemed to backtrack, stating that the BOJ remains committed to easing.
This change in commentary highlights the dilemma faced by the BOJ, which aims to continue easing to support the economy. This means not being overly concerned about a weaker yen, as it benefits exports. On the other hand, the weaker yen has contributed to rising inflation and slowed economic growth, causing the BOJ to be worried about its depreciation.
It's up to you to judge, we heard a lot of things but without any action. The Yen remains a dangerous currency to trade, i think.
Strong resistance formed at .800 zone.
According to the news of the day, this zone can easily be exceeded to reach the daily resistance.
About BOJ
Just last Sunday, the Governor of the Bank of Japan (BOJ) acknowledged that the weakness in the yen was a concern and hinted at possible measures to address it. He used more technical language, mentioning the importance of restoring market pricing. However, the main takeaway for the market was what mattered. However, just two days later, on Tuesday, he seemed to backtrack, stating that the BOJ remains committed to easing.
This change in commentary highlights the dilemma faced by the BOJ, which aims to continue easing to support the economy. This means not being overly concerned about a weaker yen, as it benefits exports. On the other hand, the weaker yen has contributed to rising inflation and slowed economic growth, causing the BOJ to be worried about its depreciation.
It's up to you to judge, we heard a lot of things but without any action. The Yen remains a dangerous currency to trade, i think.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.