By: Mike Kulej
So far this week, the Japanese Yen, and all its crosses have been very volatile. They sold off significantly for 2 days following the emergency Bank of Japan policy meeting and recovered to some degree on Wednesday. This recovery ran into a stiff resistance though, and currently the JPY pairs are in a “no man’s land” of sorts – a holding pattern.
On this hourly chart, we can see how the GBP/JPY fell from 133.60 to 128.65 and the rebounded to 130.90 after running into a resistance at 100 SMA. The price retraced again and is at roughly a mid range of the last up swing, as if “deciding” on the next course of action. Given the extent of the recent moves, the GBP/JPY should break out either above 130.90 or below 128.65 reasonably soon, which could be a beginning of more sustained price moves, perhaps as large as 200+ pips in either direction in a rapid fashion.
With an important NFP report to be released in USA on Friday, chances are that the market will move before the weekend and establish a new longer-term trend.
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Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0013 | 1.3283 | 1.3203 |
|---|---|---|---|
| AUD/USD | 0.0038 | 1.0777 | 1.0684 |
| EUR/GBP | 0.0004 | 0.8401 | 0.8373 |
| EUR/JPY | -0.01 | 103.17 | 102.48 |
| GBP/USD | 0.0007 | 1.5826 | 1.5761 |
| USD/CAD | -0.0002 | 1.0015 | 0.9975 |
| USD/CHF | -0.0015 | 0.9159 | 0.9106 |
| USD/JPY | -0.05 | 77.77 | 77.57 |
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