USDJPY neutral

Yen/US dollar: trade from sideline borders?

27 September 2022 61
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The BOJ has shown its determination to prolong easy monetary policy and intervened for the first time in 2 decades. The BOJ also pointed that, if necessary, it will again take the necessary measures to support the national currency.

 

The intervention helped, but the effect wasn’t long, and today the yen approached the level of 145 against the US dollar again.

 

What’s next?

We are waiting for the BOJ decisions and monitor the technical analysis signals, which are expressed in the form of indicators and candle patterns.

 

Today, the DeMarker has left the overbought zone and heads down, which indicates the potential for a decline in USDJPY.

 

In case today harami or shooting star are formed and confirmed, then a decrease in the pair to the level of 140.5 is very likely.

 

The picture will become clearer within 2 days, and then it’s time to decide whether it’s worth entering the market or not.

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