The USD/JPY is trading near the 1.36700 vicinity as of this writing. On the 23rd of August the USD/JPY currency pair managed to attain a high of nearly 1.37700 and this wasn’t a momentary spike. From the 19th until yesterday the USD/JPY has managed to consistently trade above the 1.37000 level with rapid fire price action. In early trading this morning the USD/JPY has moved slightly lower, but this bearish trend may prove short lived.
The USD/JPY Continues to Demonstrate a Bullish Price Range
The USD/JPY will remain speculative and traders need to be careful. Experienced traders however already know that. The trick to the puzzle is understanding the USD/JPY has been consistently testing its upper range and strong reversals lower have not proven durable as of yet.
Fundamental economic data and actions via central banks like the BoJ and Fed continue to prove rather unimpressive. Growth challenges, inflation and interest rate policies remain hot topics of debate with no clear answers to resolve matters.
- The Bank of Japan’s Core CPI numbers earlier this week came in higher than expected; tomorrow the Tokyo CPI data will be released.
- Preliminary GDP results from the U.S will come today and Jackson Hole central bank monetary policy statements will begin to make news today.