Japanese Yen Pairs on the Move (6/23 Technical Analysis Video)

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NFP Reactions: EUR/USD, GBP/USD, NZD/USD
NFP Reactions: EUR/USD, GBP/USD, NZD/USD

Bank of Japan’s President Haruhiko Kuroda spoke about monetary policy yesterday. Nothing new here – he was just reiterating that the stimulus measures are working but the bank is in no hurry to “taper”. In the FX markets, there was no uniform reaction to Kuroda’s speech, but yen pairs are making some moves.

The EUR/JPY pair topped off last week, but is pulling back to begin this week. Traders will be looking for bearish continuation clues. GBP/JPY has been bullish but retreated last week after tagging 174, which made a new high on the month. Watch out for support if price falls to 172.750-173. Finally, the AUD/JPY popped up to a new high on the month. The 96.50 high on the year is waiting just above, and the pair looks poised for a bullish continuation breakout.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.