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USD/JPY Daily - Bear Market Rally

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by , 04-27-2017 at 11:05 AM (775 Views)
      
   
USD/JPY has broken higher by nearly 4% from the April 17 low at 108.13. If you look at the chart below, you can see that the price was already extended lower and a rebound was due. Since then, we’ve had a run higher in specific risky assets like equity and an unwind of bearish EUR positions, which has lifted EUR/JPY higher by ~6.3% in the sametimeframe that USD/JPY has moved higher by ~4%.

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Thursday will provide the April Bank of Japan meeting, which is expected to leave rates unchanged and use conservative language on expected inflation has given the stubborn JPY and unsteady commodity prices. The driver for USD/JPY in addition to JPY shorts being pulled off after the first round of the French election is the Tax reform plans announced in the US, which has helped lift the yields as the Federal Reserve is in their quiet period.

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