USDJPY drops after BOJ’s governer Kuroda comments

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

2015-06-10_9-19-03

Mr.Haruhiko Kuroda boosted the YEN with his comment about Yen weakness. He implied that a lower Yen was a boost to Japan’s economy and that is hard to see Yen’s effective rate falling further. The comment itself plummeted the YEN sending USDJPY down below 123.00, an instant 1.4 % loss.

Technically USDJPY could continue falling towards 122.00 but if we get a retracement to the upside, we could use it for short trades. 123.75 ( L4,61.8, previous triple bottom swing ) shows confluence and now moment sellers should reject the price towards 122.00. Have in mind that the pair is moving and that we might see a new low even without a retracement. But just in case, 123.75 is the zone to short into.

Follow @TarantulaFX on twitter for latest market updates

read the original article on AdmiralMarkets.com