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BOJ Deepening Divergence

Good morning Traders!

Last Friday was Governor Kazuo Ueda first meeting as the head of the Bank of Japan, and many traders were looking for signs of when and how the BOJ is going to start pulling away from a decade long stimulus policy. However, the BOJ has decided to hold it’s rates, the yield curve control, and the stimulus unchanged, sending the Japanese Yen sharply lower against many of it’s trading partners.

CADJPY

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CADJPY is back at it’s resistance level of around the 101.2 area. The sharp move on Friday has the market currently over extended from it’s Moving Averages on the Daily chart. On the Monthly chart, a break and a close above the this level could be seen as a continuation of the overall long term uptrend. I am looking for further compression of price underneath this strong resistance level, potentially on the lower timeframes, to allow for a potential tighter stop loss and for the Moving Averages to catch up with price action. The next potential strong Resistance level is in and around the 104 area.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

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APLFX (PTY) LTD acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by APLFX (PTY) LTD) in relation to derivative products offered by FS INTERNATIONAL LTD (i.e., the Product Supplier).

By proceeding with opening an account, this will be registered with FS INTERNATIONAL LTD, which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC) with license number 700227. FS INTERNATIONAL LTD falls outside the South African regulatory framework and Vanuatu’s laws and regulations will apply in relation to your account.

APLFX (PTY) LTD is authorised by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorisation number 52045.

APLFX (PTY) LTD acts solely as an intermediary in terms of the FAIS Act, rendering only intermediary service (i.e., no market making nor product producer is conducted by APLFX (PTY) LTD) in relation to derivative products through a licensed Product Supplier.

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