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USD/JPY – A V Shaped Rebound?
Aside from cable no currency felt the sting of Brexit harder than USD/JPY which plummeted below the 100.00 mark in the aftermath of the vote and has been trying to recover ever since. The move has been so sharp that it has finally awakened Japanese policymakers who realize that they cannot allow the currency to fall and remain below the 100.00 rate for long without endangering the growth of the Japanese economy.
Tommorrow various officials will meet at 830 in the morning Tokyo time to discuss the possibility of further stimulus packages and the prospect of intervention in order to ensure an “orderly” exchange rate. That could spur USD/JPY much higher in Asian trade especially if concerns over Brexit begin to ease. The natural resistance level is now 105.00 when it was support and has now become resistance.