USD/JPY: Yen just keeps rallying - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Valeria Bednarik, chief analyst at FXStreet explained that despite market´s talks of additional BOJ easing, the Japanese yen kept rallying, accelerating its advance in the US session on broad dollar's weakness.

    Key Quotes:

    "The USD/JPY pair plummeted to 109.54 ahead of the release of the US Federal Reserve Minutes, extending it afterwards down to 109.33, its lowest since October 2014.

    The weekly steeper decline has left short term technical indicators in extreme oversold levels, as in the 1 hour chart, the RSI stands at 26 whilst the Momentum indicator also stands at record lows.

    In the same chart, the 100 SMA has accelerated its decline above the current level, widening the distance with the 200 SMA, far above the shortest, which indicates the strength of the ongoing decline."
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