USDJPY: Not So Fast

January 23, 2015

Much of the fervor around North America today had less to do with what was actually happening on this continent, and more with what was happening in Europe.  Of course, by now everyone is aware that the European Central Bank introduced €60 billion per month of Quantitative Easing that was more than the €50 billion per month they leaked yesterday (if you’re not familiar then I encourage you to read this).  In response to them bettering their own false expectation, they pulled off a brilliant coup ‘d’état and effectively massaged the euro lower across virtually all asset classes without providing too much more than pre-leak expectations.  Either Mario Draghi is the next John Nash, or they have someone else sitting at the ECB whom is a brilliant game theorist.  Either way, the ECB delivered as promised which weakened the euro, and in the process, USD currency pairs are gaining even more ground.

One of said USD currency pairs that is gaining some healthy ground is the USD/JPY.  After experiencing a low as the sun was rising this morning in New York around 117.25, it has surged over 100 pips as of this writing and threatens to challenge a declining trend line that has been capping any advances in this currency for all of 2015 so far.  While this trend line created resistance level near 118.50 may be foreboding, there is another reason to believe that resistance is looming there as well in the form of a Bearish Gartley pattern.  If these two forces can combine their powers of resistance, the USD/JPY may have a difficult time rallying for much longer.

Publication source information reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

Cms Trader Rating
 FXTM Rating
Orbex Rating
Exness Rating
FxPro Rating
OANDA Rating

Empire Option Rating
Porter Finance Rating
365BinaryOption Rating
Migesco Rating
24option Rating
Banc De Binary Rating