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Forex Today: USD/ JPY reaches new 9-month high above 145

Forex Today: USD/ JPY reaches new 9-month high above 145

The USD/JPY currency pair hit a new 9-month high during the day's Tokyo session above the round number at 145 yen.

➡️  The USD/JPY currency pair rose again during the Tokyo session to print a new 9-month high above the resistant round number of ¥145 before falling back a bit to trade below ¥145 again. Trend traders and return traders will be interested in being Long this currency pair. The dollar is bullish with rising short-term yields while the Japanese yen remains one of the weakest major currencies in the Bank of Japan's ultra-loose monetary policy. However, bulls will be wary that the Bank of Japan might intervene again as it did the last time the price reached this area.

➡️ The NZD/USD currency pair traded lower again today to make a new 9-month low price well below the big round number at $ 0.6000.

➡️ Global stock markets are mostly bearish, led down by Asia which in turn was driven down by the sharp sell-off in Chinese stock markets. The HSI is down over 2% today while the Nikkei 225 index is down over 1%.

➡️ WTI Crude Oil is making a bearish retracement after breaking strongly towards new 8-month high prices last week. Trend traders might find it interesting to try to get involved here on the Long side.

➡️ The US dollar is weakly bullish as it tried to break out of a bearish wedge pattern.

➡️ In the Forex market, the Japanese yen has been the strongest major currency since the Tokyo open, with the New Zealand dollar again the weakest, bringing the NZD/JPY currency cross into focus.

➡️ Tomorrow there will be releases of Chinese industrial production data and the minutes of the most recent Reserve Bank of Australia monetary policy meetings and data on the Australian wage price index.

 

Credit by DailyForex.com

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