USD/JPY Remains Supported by MAs After BOJ Kuroda Comments
We expect the next move to be bullish in USD/JPY, with MAs holding as support
Skerdian Meta•Monday, May 24, 2021•1 min read
[[USD/JPY-sponsored]]
USD/JPY used to be bearish last year, as the USD was declining, but the JPY gained less against the USD, compared to other major currencies, which was a sign of weakness. This year the situation reversed and this pair climbed more than 8 cents from the bottom and the moving averages turned into support.
First the 50 SMA (yellow) on the daily chart and now the 20 SMA (gray) has caught up with the price, adding further strength to the support. The Bank of Japan governor Kuroda sounded optimistic a while ago, but the JPY still remains bearish and the USD/JPY remains supported by these two moving averages, so the next move here should be up. We might try to open a buy forex signal, with a stop below the MAs.
BOJ Governor Haruhiko Kuroda, at the BOJ-IMES Conference
- We are starting to see light at the end of pandemic tunnel
- The severity of the downturn during this recession has been particularly dramatic
- Unevenness of recession, ongoing recovery could reinforce increase in savings, inequality, and debt
- If growth is concentrated in a small fraction of society and inequality increases, difficult to achieve inclusive economic growth
- Beginning to see light at the end of the pandemic tunnel but does not clearly reveal shape of society and economy that we are approaching
- Full text
USD/JPY
Mostly token remarks and nothing that really stands out too much as he doesn’t really touch much on policy besides the responses that they undertook in managing the downturn last year and how they have slowly progressed from there.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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