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Yen is one of the most traded currencies in the world, especially due to its low interest rate since the Yen is used in carry trades. Recently the Bank of Japan has expanded their purchase of Yen, hoping to overturn the deflation tide to inflation. Doubling this money supply is devaluing the Yen, boosting exports; but, increasing prices of imports at the same time, especially for commodities.

According to our Pearl Capital Market Experts the Analysis is Given below

Forex

A unique research service directed at forex traders to provide you with insight into the forex markets and maximise your trading opportunities

 

 

 

Pair’s fall is expected.

Assumingly, wave (C) of the higher level continues forming. Locally, the third wave seems to have started, within which a starting impulse (i) of iii and correction (ii) of iii have formed. If the assumption is correct, the pair is expected to continue falling towards the level of 111.38. Critical for this scenario could be the level of 113.76.

Main scenario

Sell the pair below the level of 113.76 with the target at 111.38.

Alternative scenario

The breakout and consolidation above the level of 113.76 would allow the pair to grow to 114.10 and above.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 113.24
Take Profit 111.38
Stop Loss 113.86
Key Levels 111.38, 113.76, 114.10

Alternative scenario

Recommendation BUY STOP
Entry Point 113.80
Take Profit 114.10
Stop Loss 113.55
Key Levels 111.38, 11
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