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Japanese Yen Jolted By BOJ’s Warning -

May, 09th 16:51

On Monday, the Japanese Yen hit a 10-day low against its American counterpart after Japan’s finance minister said that the Bank of Japan was likely to intervene in the open market when the Yen is volatile enough to hurt the country’s economy.

On Friday, US non-farm payrolls were released with 106,000 added jobs in April, the lowest level in seven months, losing nearly 30% from last month’s 208,000. After the announcement, the US dollar witnessed a strong drop against the basket of major currencies to its lowest level since the beginning of the year.

One positive point in the report was workers wages. The average hourly earnings rose 0.3% after a 0.2% rise the month before. Worker pay climbed 2.5 percent over the 12 months to April after a 2.3 percent gain a month earlier.

Further, New York Fed President William Dudley stated on Friday that two rate hikes this year are still a reasonable possibility. This has caused the greenback to pare its losses in today’s session. The rising dollar helped curb the current surge of the Yen, calming fear over exporters’ earnings.

The market is waiting for the speech of Federal Reserve Bank of New York President William Dudley tomorrow at a panel discussion in Zurich on more clues regarding future monetary policy.

US wholesale inventories that measure the change in the total value of goods held in inventory by wholesalers, is to be released a little later. It is forecast to rise 0.2% after a 0.5% decrease in February.


Fig. USDJPY D1 Technical Chart

After falling strongly to the year’s lowest level of 105.477 from around 123.452 since the red arrow appeared in Dec 2015, USDJPY recovered to as high as 108.298. RSI is about 44 and pointing upwards, forming a bullish posture. Despite the red parabolics sar movement above, the price is expected to test the resistance level at 108.298, formed on February 11.

Trade suggestion

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Buy Digital Put Option at 110.641 valid until May 13, 2016

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