USD/JPY Accelerates Further, 107.00 a Whisker Away

USD/JPY Accelerates Further, 107.00 a Whisker Away

29 April 2016, 06:29
Roberto Jacobs
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USD/JPY Accelerates Further, 107.00 a Whisker Away

USD/JPY continues to fall further in Asian trade amid thinner than usual liquidity conditions with Japan traders taking a day off celebrating 'Showa Day'.

BoJ disappointment equals Yen bull trend resumption

USD/JPY has accelerated south on the break of 108.00 round number, now en route to 107.00; so far, the lowest level has been printed at 107.20, but losses are coming fast and furious as very few traders are willing to get in the way of the Yen 'bullish trend' train. The moves in the Yen continue to portray major disappointment after the BoJ disappointing decision to leave its policy unchanged, following strong speculations of further easing measures on the lead up to the event.

Little in the way of bears until 106.65 - BK Asset Management

According to Kathy Lien, Co-Founder at BK Asset Management, "if USD/JPY breaks below the April low of 107.63, the next stop will be 106.65, the 38.2% Fibonacci retracement of the 2011 to 2015 rally." Kathy adds that "if the BoJ did not intervene in April and passed on cutting rates last night, they won't be intervening now unless USD/JPY drops to 105."


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