USD/JPY reacts to government policy

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/JPY currency pair was testing the resistance of the 152.00 level, as it once again suddenly plummeted. The USD/JPY suddenly dropped on Friday evening and at the open of Monday's trading, as fundamental news had spread over the weekend.

In general, the drop was caused by the government of Japan releasing a new long term plan. In the plan it was stated that the Bank of Japan should reach its price targets. Namely, the government is allowing the BoJ to increase the value of the Yen. The markets took in the news as a green light for the central bank to continue to intervene in the foreign exchange markets.

On Monday, the pair appeared to be stabilizing near the 149.00 level. However, for now, watch the news from the policymakers not the technical charts.

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