USD/JPY: below 121 ahead of BoJ minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - USD/JPY traders await the BoJ minutes that are released tonight as well as Governor Kuroda is speaking in Tokyo this evening. Then, tomorrow CPI, unemployment and household spending data are released as the final data for this side of Xmas. Meanwhile, the price action is to the downside and below the 121 handle in a continuation of the 123.55 drop on the 17th Dec and fed hike.

    The question is what does 2016 have in store now that the Fed has hiked and will they be in a position to do more? Will or even 'can' the BoJ ease further in addition to their tactical adjustments last week - perhaps the minutes will be telling?

    However, expect more of much of the same from those and we will likely need to wait and see how the economy performs in Q1. But, all of this was discussed when FXStreet hosted a special event about what 2016 might hold for the Forex traders. The panelists were Ashraf Laidi, Boris Schlossberg, Adam Button and Valeria Bednarik. Today, we want to share with you the recording of the whole show. Watch now and look out for commentary around the Fed, currency wars and the BoJ.

    USD/JPY levels

    Valeria Bednarik, chief analyst at FXStreet explained that for the short-term, the 1 hour chart presents a neutral-to-bearish stance, as the technical indicators have turned slightly lower below their mid-lines, whilst the price develops below its 100 and 200 SMAs. "In the 4 hours chart the technical indicators are resuming their declines below their mid-lines as the price remains well below their moving averages, in line with the shorter term outlook."
    For more information, read our latest forex news.

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