USD/JPY Forex Technical Analysis for June 16, 2016

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USD/JPY Forex Technical Analysis for June 16, 2016

Technical Analysis – The USD/JPY pair initially broke out to the upside during the course of the day on Wednesday, but turned right back around to form a bit of a shooting star. However, as I record this pre-FOMC, the market could very well change. With that in mind, if we can break above the 106.50 level, I feel that this market will then probably reach towards the 108 handle. A break down below the bottom of the range from the Tuesday session could send this market towards the 105 level. Either way, it’s going to be volatile.

In Other View point – short short until 100.50 sh

BOJ again did not surprised the markets, muhahahahahha. I am not sure what BOJ can do to weaken the yen, maybe starts buy house hold debt!!!!! Anyways, target 100.50sh. Obvious pivot area and 50% fib from the lows. I did not want to mess the charts with the colorful fib tool. Wait fro retracement in the coming hours and have your positions protected before the 23rd. If there is brexit event buckle up it is gonna be huge ride.

Technical Analysis

In Other View point – BoJ closely watching FX moves – BoJ’s Kuroda

H.Kuroda, Governor of the Bank of Japan, has once again reiterated that the central bank keeps monitoring the FX space and remains vigilant on moves that could affect prices.

He has also emphasized that the BoJ monetary policy is aimed to achieve price stability and is not linked to the exchange rate, while he said more time is needed to see impact of negative rates on the economy.

Kuroda added that the central bank will be closely following the developments of the UK Referendum.

USD/JPY is now bouncing off 103.50, retaking the 103.85/90 band.

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