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USDJPY – 106.00 Too Much?
USD/JPY had one of its best moves in years gaining more that 500 points this week, but as the week comes to a close and the pair reaches pre-Brexit highs it may be running out of steam.
The upside move this week was powered to talk to more stimulus from Tokyo. But so far that’s all it’s been. As we noted earlier, “The rally in USD/JPY has been stunning, catching many of the shorts off guard as it has been driven strictly by rhetoric rather than action. This makes the USD/JPY vulnerable to a sell off should Mr. Abe and Mr. Kuroda fail to follow through on stimulus.”
Tomorrow however, the pair could come under another sort of pressure as tomorrow’s US Retail Sales could miss estimates and push the pair back below the 105.00 mark suggesting that this is the swing high for now.