The USD/JPY stays bearish below 108.50/109.00 – a stable weekly
As we enter the weekly close, we want to have a look at the USD/JPY again. But, while we face some interesting economic releases, it probably makes more sense to look also at the upcoming week of trading and the compelling economic events planned.
After the USD/JPY failed to break above 108.50/109.00, an attack which seemed to be driven by the speculation that the BoJ is considering cutting rates into a deeper negative territory at the September meeting was disappointed by BoJ Governor Kuroda. So over the last few days, we saw a correction of the move down to 106.80/107.00 again.
This move was certainly also supported by recent political uncertainties resulting out of the Democrats in the U.S. House of Representatives launching a formal impeachment inquiry into US president Trump.
That said, today, USD/JPY traders will closely monitor any developments around these uncertainties from the US political front, in addition to monitoring the trade dispute between the US and China.
If no news around these topics hit the wire, the USD/JPY should be expected to close the trading week above 106.80/107.00, even if today's US economic releases disappoint.
Still, we remain cautious in regards to USD/JPY long-engagements as long as we trade below 108.50/109.00 since below the advantage in USD/JPY stays on the short-side.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
After the USD/JPY failed to break above 108.50/109.00, an attack which seemed to be driven by the speculation that the BoJ is considering cutting rates into a deeper negative territory at the September meeting was disappointed by BoJ Governor Kuroda. So over the last few days, we saw a correction of the move down to 106.80/107.00 again.
This move was certainly also supported by recent political uncertainties resulting out of the Democrats in the U.S. House of Representatives launching a formal impeachment inquiry into US president Trump.
That said, today, USD/JPY traders will closely monitor any developments around these uncertainties from the US political front, in addition to monitoring the trade dispute between the US and China.
If no news around these topics hit the wire, the USD/JPY should be expected to close the trading week above 106.80/107.00, even if today's US economic releases disappoint.
Still, we remain cautious in regards to USD/JPY long-engagements as long as we trade below 108.50/109.00 since below the advantage in USD/JPY stays on the short-side.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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