1/16 156.768 is being noticed as a wall, and for a while the whack-a-mole strategy
USD/JPY hourly chart
Last night, the US CPI data caused US interest rates to plunge, and USD/JPY fell sharply
Also, expectations of a Bank of Japan rate hike suggest a continued downtrend for a while
Looking at the 4-hour chart
It is declining after a 0.382 Fibonacci retracement of the swift fall
The downside pressure seems still strong
In the 15-minute chart
From the recent upside, the 0.382 retracement
Was holding near around 156.44, but
At 7 o'clock it fell, and now the half-retracement pullback
Is stopping near around 156.345
Will there be a short-term rebound here?
If it breaks lower, 156.0 may come into focus next
For longers, it is a tough situation
"Even so, the rate gap with the BOJ still exists,"
is becoming a conscious consideration
There may be a short covering rally,
but ultimately it should stay within the channel line
The 156.768 level is watched
For a while, a whack-a-mole strategy
Strength in the yen on Ueda’s remarks
Governor Ueda spoke at a gathering of the National Bankers Association
and said he would discuss at the next meeting whether to raise rates, and decide
whether to implement a hike
The content mirrors yesterday’s remarks by Deputy Governor Mitake
and thus the possibility of a January rate hike has increased further.
The market has reacted to the stronger yen.
From around 157.90 to around 156.70, there is a decline
As such a remark was made, at the policy meeting on the 24th, unless President Trump makes a surprising policy move,
most expect that a rate hike will be done first.
If that happens, the risk of yen appreciation rises a bit
Across crosses, especially USD/JPY, it seems likely to test the yen strength direction
with the yen strengthening as the lead
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