Brad Alexander
FX Large Limited
In our last video we looked at the weakness of JPY.
Could it get any worse? Yes, apparently.
Before we get into it don’t forget to Like, Follow and Subscribe and feel free to leave a comment on what you would like to see in future videos.
OK, in all my years of making these videos, I am doing something that I have never done before.
I am displaying currency pairs using Monthly charts.
That’s how bad the situation is for JPY pairs.
According to those in the know, the intervention point for the Bank of Japan is 157.60 on USDJPY and price action is currently at 155.65 and you can see that this chart goes back over 12 years.
So, the BoJ will announce their decision Friday morning Tokyo time so let’s hope we see a reversal or two.
We have been following the bull run in WTI Crude Oil and price action has bounced off this lower trend line with the next key level above just shy of $87.
And, we mentioned buying the dip on indices last time and this is what we meant.
For example, the slide reversed on the NASDAQ at this key level.
Just watch out for next week’s US Interest Rate Decision which could change all that.
That’s all for now.
CFDs and FX are leveraged products and your capital may be at risk.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.