the Japanese yen gained amid the overall risk-off sentiment on the market. Let’s discuss the details.
WHAT HAPPENED?
The Federal Reserve held a meeting yesterday, where it left rates at low levels until 2023. Nevertheless, market participants didn’t take it as dovish. Instead of that, the US dollar strengthened and outperformed most major currencies (except the Japanese yen).
Following this, the Fed claimed that the recovery path would be quite uncertain. As a result, they streamed their capital from risker currencies and stocks into safe-haven assets such as the US dollar and the Japanese yen. Choosing between two of them, the yen seems to be more attractive amid constant US-China tensions and worse-than-expected US retail sales.
Moreover, the Bank of Japan made a monetary policy report this morning. The central bank left asset purchases and interest rates at the current levels. Later on, officials said that they would unveil more stimulus aid if needed. What’s more important, the BOJ added optimistic comments about the Japan output, exports, and consumer spending. As a result, it added some tailwinds to the Japanese yen.
looking at the technicals we are in a flat formation & it seems the impulsive C wave to the upside is just started.
WHAT HAPPENED?
The Federal Reserve held a meeting yesterday, where it left rates at low levels until 2023. Nevertheless, market participants didn’t take it as dovish. Instead of that, the US dollar strengthened and outperformed most major currencies (except the Japanese yen).
Following this, the Fed claimed that the recovery path would be quite uncertain. As a result, they streamed their capital from risker currencies and stocks into safe-haven assets such as the US dollar and the Japanese yen. Choosing between two of them, the yen seems to be more attractive amid constant US-China tensions and worse-than-expected US retail sales.
Moreover, the Bank of Japan made a monetary policy report this morning. The central bank left asset purchases and interest rates at the current levels. Later on, officials said that they would unveil more stimulus aid if needed. What’s more important, the BOJ added optimistic comments about the Japan output, exports, and consumer spending. As a result, it added some tailwinds to the Japanese yen.
looking at the technicals we are in a flat formation & it seems the impulsive C wave to the upside is just started.
코멘트:
U can add into ur longs
