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Key Points to Keep in Mind While Trading In Japanese Yen; Oct 20, 2021

Key Points to Keep in Mind While Trading In Yen

The Japanese Yen falls drastically against U.S. dollar and hits lowest level since Nov 2017.

  • A top BoJ government official – Japan will watch currency movements carefully as exchange rate stability is important.
  • BOJ is likely to keep the key rate at lowest for some time on back of weaker yen.
  • Yoshihiko Isozaki, the deputy chief cabinet secretary – Currency stability is extremely important, so we’ll continue to watch market moves carefully, but he avoided to comments on specific levels.
  • BoJ New policymakers typically favor a lower yen, as it gives exports a competitive advantage.
  • Ryutaro Kono, Chief Economist at BNP Paribas – For consumers, a weak yen aggravates the pain from higher commodity costs. It’s particularly damaging for low-income households.
  • Japan Prime Minister Fumio Kishida – Japan, which imports all but a tiny amount of its energy needs, will urge global oil producers to increase output.
  • Markets eye BOJ Policy meet & Interest Rate Decision scheduled on next week.

Technical View:

USD/JPY:

  • The Japanese yen falls sharply and hits lowest level since Nov 2017.
  • The pair made intraday high at 114.69 and low at 114.28 mark.
  • The triple EMA on a day chart and H1 chart suggests bullish trend for the time being.
  • A sustained close above 114.62 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below 114.12 on H1 chart will check further key supports.

SUPPORTS RESISTANCES
114.12 114.96
113.76 115.22
113.54 115.62
113.21 115.89
112.89 116.18

Take a look and do trade wisely!
Good Luck

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