News & Analysis
Eightcap Forex technical insights; Majors surge as Yen demand dries up.
Quite the turn around so far today to the Japanese Yen from the major currencies. It’s safe haven status being dumped after what looked like a possible volatile Monday due to the weekend’s events. The reversal has been fast and strong with the main majors all tracking 70 plus pips higher, some hitting triple figure gains.
Looking ahead to Friday we have key data coming out of the Bank of Japan, this includes;
BOJ Policy Rate – expected to be held at -0.10%
Monetary Policy Statement
BOJ Press Conference
There’s no set release time but normally hits the market from 3 pm AEST.
Several of the major pairs have started to break downtrends and set up higher lows this can be bullish signs. Please see some daily charts below. We’re now looking to see if buyers can continue to hold these moves.
Good trading from Eightcap
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