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Kuroda Bazooka & YEN (Dec 18)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-18_16-18-21-US3

BOJ had a Monetary Policy Meeting today, and the URL of the announcement is here

http://www.boj.or.jp/en/announcements/release_2015/k151218a.pdf

 

The initial reaction was Yen-Bear (USDJPY jumped up from 122.50 to 123.50), but then it retraced more than 100% !!

You can read the details of the announcement in a different post.  So I will not repeat here again.

Did Kuroda Bazooka misfired?   Should I be Bear?

2015-12-18_16-09-38-UJ27

Well, that’s your alpha.

But for me, I still respect Ichimoku.  Here is Weekly Ichimoku of USDJPY pair.

This pair is still well supported by the weekly Cloud (as well as Daily Cloud).

2015-12-18_16-00-53-UJ1

So I remain to be Bull.

In my opinion, it may be true that Kuroda is running out of his options.  However, the basic fundamentals remain the same – Divergence of the Interest rate between USD and JPY.

Also the current rise of USDJPY can be considered as USD Strength, rather than JPY weakness.

As a Bull, what do I do?  Just look for the next buy zones.

2015-12-18_16-18-21-US3

  1. 121.65 : WPP & Fib50%
  2. 121.50 : Support zone & Psycho number
  3. 121.00:  MS1 & Psycho number
  4. 120.30: Next Support zone

 

 

Hope this helps your analysis.

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

One comment on “Kuroda Bazooka & YEN (Dec 18)”

  1. Profile photo of
        December 18, 2015

    Thank you.

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