Gold and USD/JPY Rouse the Bears, Clean Trends?
After a week of headlines but restrained price movement, both gold and yen crosses shocked the market with sharp bearish moves to close trading. The heavily-publicized stimulus effort by the Bank of Japan has put the market on alert for any correction that threatens the efficacy of the policy authority and sends an acutely oversold currency scrambling for recovery. The top mover, however, was gold's third largest decline in over a decade to clear multi-year range support. What does this incredible move mean for trend and for the assessment of stimulus' influence on currency markets? We discuss these topics and the heavy event risk for next week in the weekend video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.