Today is Sat, September 23, 2017 0:24:47 GMT
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Forex Chart of the Day 5 Day Losing Streak for Yen

USD/JPY continued its five-day losing streak in early London time as it tests the 76.00 big figure.  At the time of writing USD/JPY is 76.05 which is today’s low so far.  We hear there are stop losses (large) below this figure but margin traders are holding the support line at the moment in the hope of grabbing a bargain.  Since the US announced last week that it would keep interest rates near zero at least until late 2014, long term traders are slowly pricing in this factor by selling dollars across the board including selling dollars and buying the yen.  Specifically for today, Japanese exporters and model funds were doing most of the selling.  Again 75.76 wasn’t tested yesterday but the chances are extremely high today, then 75.55 (Oct low).  Watch out for the 75.35 post war low and also watch out for BOJ intervention – real or rumoured.  If that happens expect to see 77.12 in a hurry otherwise the trend is strongly bearish.