We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • The $USD may extend declines against its ASEAN counterparts after the Fed rate decision. The Philippine Peso and Singapore Dollar are attempting key technical breakouts. Get your market update from @ddubrovskyFX here:https://t.co/JoPLb4Oi2q https://t.co/fKzeBlWaCx
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/Mf9e1cgWmR
  • The #Euro jumped higher to challenge range resistance capping upside progress since mid-October. Signs of ebbing momentum warn it may be back on defense soon. Get your market update from @IlyaSpivak here: https://t.co/MGqVDEWhUD https://t.co/rQRxJAmLWi
  • RT @zerohedge: Is The Market Up This Week? Just Ask The Fed's Balance Sheet https://t.co/6p01J9yAZ8
  • $USD: "The US Dollar is making a last-ditch effort to cling onto a key technical support level after dropping 3% from its 2019 high as risk appetite roars and the Fed inflates its balance sheet." - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/14/us-dollar-outlook-fx-volatility-rising-from-extreme-lows-usd-levels-to-watch.html https://t.co/87cITJPVQa
  • The $NZD is testing resistance guiding the currency lower against its US counterpart for over two years. Will buyers prevail or be rejected yet again? Get your market update from @IlyaSpivak here:https://t.co/hRsbxhwotM https://t.co/ehlbb43gqd
  • very cool, very legal https://t.co/gsOxPiEdIw
  • $USDCAD is testing slope support into the close of the week with the immediate short bias at risk while above 1.3134/51. Get your USD/CAD technical analysis from @MBForex here:https://t.co/eE9yrNEU80 https://t.co/mszY7ouYRF
  • $EURUSD Daily Pivot Points: S3: 1.0966 S2: 1.1041 S1: 1.1085 R1: 1.116 R2: 1.119 R3: 1.1264 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The British Pound’s relief rally may still have some room to run: volatility in the $GBP has dropped back to levels typically associated with periods of ‘positive developments’ in the #Brexit process. Get your market update from @CVecchioFX here:https://t.co/uzXRd8y4ck https://t.co/Nxf6opYgLd
USD/JPY Dives Below 105.00 Level After PM Abe's New Cabinet Line-Up

USD/JPY Dives Below 105.00 Level After PM Abe's New Cabinet Line-Up

2014-09-03 07:03:00
Edward Hyon,
Share:

Talking Points:

  • Japan Prime Minister Shinzo Abe Unveils 5 Women to Sit In his Cabinet
  • Yasuhisa Shiozaki Is Appointed as Health Minister in Abe’s Cabinet.
  • USD/JPY Plunges Below 105.00 After the Cabinet Reshuffle Announcement.

Want to trade with proprietary strategies developed by FXCM? Find out how here.

Prime Ministerof the third-largest economy, Shinzo Abe, had a new line-up in his Cabinet and was announced by Japan’s Chief Cabinet SecretaryYoshihide Suga. The announcement swept the headlines as the Japanese Government sent a strong message about his firmness on restoring women as workers and leaders by electing five-women to sit on his Cabinet. Moreover, Yasuhisa Shiozaki was appointed as health minister, which puts him in charge of the world’s biggest retirement fund. He is believed to be a candidate that favors the re-weighting of the Government Pension Investment Fund to hold more risky assets.

The reaction of this event caused the Yen to strengthen against the US Dollar to trade back below 105.00 level. In addition, the announcement resulted in the benchmark Nikkei 225 stock index to erase most of it earlier gains. This repercussion may have been due to a deterioration in the possibility of further easing by the Shinzo Abe government.

In regards to technical analysis,DailyFX Currency Strategist Ilya Spivak mentions near-term support at 104.84 and resistance at 105.24. He remains flat for now as he argues against entering short with prices trading in close proximity to support level and there is an absence of a defined bullish reversal signal.Meanwhile according to DailyFX Speculative Sentiment Index, the ratio of long to short positions in the USD/JPY sta

near-term support to 1.6533 (38.2% Fib Exp.) and resistance at 1.6613 (trend line resistance). He remains flat for now as he argues against entering short with prices trading in close proximity to support level and there is an absence of a defined bullish reversal signal.Meanwhile according to DailyFX Speculative Sentiment Index, 39 percent of FXCM retail traders are long USD/JPY.

USD/JPY 5 Minute Chart

USD/JPY Dives Below 105.00 Level After PM Abe's New Cabinet Line-Up

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

New to FX? START HERE!

Edward Hyon, DailyFX Research Team

Keep up to date on event risk with DailyFX Calendar

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.