USD/JPY Draws in Anxious Speculators with Pre-BoJ Break
The yen caught traction at the very start of the week, driving USDJPY, EURJPY and NZDJPY into key technical breaks. Ambitious speculators are already diving in to take advantage and of the break and hoping for momentum to carry the move to a deeper trough and profit. However, this tentative technical break lacks for a material 'risk aversion' push and is trying to establish itself 48 hours before the Bank of Japan is scheduled to deliberate on a substantive stimulus upgrade. Can this attractive technical move subsist without traditional fundamental support? We cover this as well as the GBPUSD, EURUSD and Gold's fundamental bearish in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.