The Yen weakened against all of its 16 major counterparts on the heels of news that the Bank of Japan announced a large monetary easing program.
USD/JPY along with the Nikkei 225 has rallied sharply on the heels of the news.
Looking at the USD/JPY monthly chart and the downmove that started in 2007, we can see that the 50% retracement of this move is at 99.77.…Continue
A hammer bullish reversal pattern formed on yesterday's USD/JPY chart.
Resistance overhead around 94.373.
This reversal is taking place within the context of a strong uptrend on the daily and weekly charts.
Keep in mind some important fundamental factors are in play.
A two-day Bank of Japan monetary policy meeting starts today, it's first lead by new Governor Haruhiko Kuroda.…Continue
Looking at the daily chart a bearish shooting star pattern formed on Friday:
Zooming out we can see some major trendlines that could form support:
Also worth noting that MACD crossed the zero line from positive to…Continue