Analysts are expecting no change in the USDJPY trend this week. Find out how to trade the Forex pair.
The US dollar initially plunged against the Japanese yen during the past week, but as you can see, we have turned around quite drastically tonear the ¥135 level. At this point, if and when we finally leave the ¥135 level in the rearview mirror, it will become yet another opportunity to “buy-and-hold” this pair. It’s at this point in time that it should be thought of as value, as the Bank of Japan has reiterated its goal of keeping interest rates down.
Because of this, I think this market continues to be neutral with a downward bias, so if you are a range-bound, you are looking for rallies to sell. I would not look for a massive move in this marketGBP/USD The British pound had a wild week, slicing through the 1.20 level before turning around. The Bank of England press conference caused chaos, but it does look like we are at least trying to do some type of recovery for a base-building exercise here. Nonetheless,
I still like feeding rallies and I think that it is probably only a matter of time before the sellers return, especially the closer we get to the 1.25 handle.
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