USDJPY is dangerously overbought
USDJPY might slide down this week, as finance minister of Japan had threatened the market with a verbal intervention. According to the statistics from the Bank of Japan (posted by Bloomberg), BOJ has pulled almost 60B to protect the Yen between April and May and has the intention to continue this process.
160-163 is a cautious price zone for USDJPY when BOJ not only makes interventions but also sells its positions in bonds and cuts new purchases.
Those actions are intended to raise the yield of Yen and attract capital back to the local market.
I consider a short position with a target of 300-500 pips below the entry price.
Always DYOR and never forget to manage risk!
160-163 is a cautious price zone for USDJPY when BOJ not only makes interventions but also sells its positions in bonds and cuts new purchases.
Those actions are intended to raise the yield of Yen and attract capital back to the local market.
I consider a short position with a target of 300-500 pips below the entry price.
Always DYOR and never forget to manage risk!
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