Should buy or sell yen in this situation?
The yen weakened to a key 145 per dollar on Monday for the first time in more than a week since Japan intervened to boost the currency, while the sterling halted some gains after a rebound. A little revisiting last weekend. The yen weakened to a low of 145.4 against the dollar and finally fell 0.1 percent to 144.9 in Asian trading, with some still on holiday in China, South Korea and some states of Australia. Monday’s slump came after Finance Minister Shunichi Suzuki’s comments that Japan was ready for a “decision” in the foreign exchange market if the excess yen continued.
September 22 was the last time the currency fell below 145 against the US dollar after the Bank of Japan was stuck with the lowest interest rate, resulting in a record 2.8 trillion yen. ($ 19.7 billion) by authorities to boost the yen.
According to the analysis of the 1 to 4 hour chart, the yen has not shown any signs of weakening in the yen, but according to the weakness, the yen may weaken. Will come back better through the US dollar as well. For today’s analysis, I encourage all investors to place a sell order on the (USDJPY) odds at the current price of 145.00 and set taking profit of 143,850 and a stop loss at 145,550 JPY / USD.