Suzuki Weighs in On JPY Decline
Japanese Finance minister Shunichi Suzuki this week warned over the negative impact to the Japanese economy that the current depreciation in the Yen is having. JPY has plunged by around 11% against USD, EUR and GBP since early March. Suzuki said that while “There are positive aspects to it…given the current economic climate, strong negative aspects exist.” Suzuki went on to say “We are monitoring moves in the foreign exchange market with a strong sense of vigilance.”
JPY has fallen against the Dollar for the 13th consecutive day, marking its longest losing streak since 1971. With such stark divergence in monetary policy expectations between the Fed and the BOJ, as well as between the BOJ and other G10 central banks, JPY is seeing big losses across the board.
Technical Views
USDJPY
Looking at USDJPY on the monthly chart, really puts the current moves into perspective. Price has blown through the 125.65 level and is now testing the 128.50 level. With the retail market heavily short and both MACD and RSI long, the focus is on a continues move higher with 134.39 (2002 highs) the next big marker to note for bulls.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.