The Yen retreated. Overview for 22.08.2016
22.08.2016
The USD/JPY pair is strengthening on Monday after the comments made by the Governor of the BoJ, Mr. Kuroda.
The Japanese Yen is retreating against the |US Dollar on Monday. The current quote for the instrument is 100.56. Over the last three weeks, the pair has been moving between 99.53 and 102.80 closer to the bottom of the range, and it seems that it’s not going to retreat much. “Safe haven” currencies are still in the demand all over the world, and the Yen qualifies for this purpose.
This morning, Mr. Kuroda, the Governor of the Bank of Japan, in his interview to one of the social medias noticed that there was a possibility of additional decrease of the interest rate in the outline of the BoJ’s current monetary policy. “Sufficient chance”, he said. Moreover, there is a possibility of changing the asset buyout program, but only in September, after the regulator gets new data relating to the efficiency of the current fiscal policy.
The currency market seems calm today. No important statistics is expected, investors are “standby”. This Thursday, in Jackson Hole, Wyoming, the USA, there will be an annual meeting of bankers and economists, and usually the head of the US FOMC attends this event and delivers a speech. Investors think that Janet Yellen’s speech is going to be informative this time and provide the market with a direction to move in.
So far, there are no reasons for the Yen to leave the range, where it has been trading over the last three weeks.
RoboForex Analytical Department
The Japanese Yen is retreating against the |US Dollar on Monday. The current quote for the instrument is 100.56. Over the last three weeks, the pair has been moving between 99.53 and 102.80 closer to the bottom of the range, and it seems that it’s not going to retreat much. “Safe haven” currencies are still in the demand all over the world, and the Yen qualifies for this purpose.
This morning, Mr. Kuroda, the Governor of the Bank of Japan, in his interview to one of the social medias noticed that there was a possibility of additional decrease of the interest rate in the outline of the BoJ’s current monetary policy. “Sufficient chance”, he said. Moreover, there is a possibility of changing the asset buyout program, but only in September, after the regulator gets new data relating to the efficiency of the current fiscal policy.
The currency market seems calm today. No important statistics is expected, investors are “standby”. This Thursday, in Jackson Hole, Wyoming, the USA, there will be an annual meeting of bankers and economists, and usually the head of the US FOMC attends this event and delivers a speech. Investors think that Janet Yellen’s speech is going to be informative this time and provide the market with a direction to move in.
So far, there are no reasons for the Yen to leave the range, where it has been trading over the last three weeks.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.