USDJPY: The future trend is in the hands of FED and YELLEN
The future of USDJPY pair is in the hands of the FED. BoJ made its announcement in the past week and decided to put an end to the Quantitative easing. On a very long term basis, USD vs JPY fight should end with USD being on the winning side. The "Historical" trading range of USDJPY is between 99 and 104 when the market is not distorted by Central Banks action either BoJ or FED.
Having said that, at the present time we are in a range where we do need to see the decision of FED with regard interest rate. If FED will raise interest raise, then mechanicaly, YEN will loose ground and we may see another way up towards 104.
On the other hand, if BoJ's bet to increase the growth through inflation succeed, there might be a little situation in favor of JPY but it won't be a long lasting effect baring in mind that USD is stronger as a currency then JPY.
Technically speaking, MA50 is behaving as a resistance level.
Stoch shows clearly that we are about to come to an oversold level, i.e there is a room towards 100 but not more. Therefore the tricky part is the entry level rather then the direction.
Now we need to see ECB, FED and there future decisions that will be announced in the coming days.
I still think that we are at a short time Short and long Time LONG scenario.
Having said that, at the present time we are in a range where we do need to see the decision of FED with regard interest rate. If FED will raise interest raise, then mechanicaly, YEN will loose ground and we may see another way up towards 104.
On the other hand, if BoJ's bet to increase the growth through inflation succeed, there might be a little situation in favor of JPY but it won't be a long lasting effect baring in mind that USD is stronger as a currency then JPY.
Technically speaking, MA50 is behaving as a resistance level.
Stoch shows clearly that we are about to come to an oversold level, i.e there is a room towards 100 but not more. Therefore the tricky part is the entry level rather then the direction.
Now we need to see ECB, FED and there future decisions that will be announced in the coming days.
I still think that we are at a short time Short and long Time LONG scenario.
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