The JPY crosses had a huge week to the upside

Jurisdiction JPY

JPY

The Japanese yen (JPY) is the official currency of Japan and at the time of writing this report is the third most traded currency in the world after only the US dollar and the euro. The Japanese yen is widely used as a reserve currency and forex traders rely on it as a safe haven currency. Originally implemented in 1871, the Japanese yen has a long history and has survived several world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and full supervision of the Japanese yen before

The Japanese yen (JPY) is the official currency of Japan and at the time of writing this report is the third most traded currency in the world after only the US dollar and the euro. The Japanese yen is widely used as a reserve currency and forex traders rely on it as a safe haven currency. Originally implemented in 1871, the Japanese yen has a long history and has survived several world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and full supervision of the Japanese yen before
Read this term All the crosses have had huge weeks to the upside this week. Today, the Bank of Japan has kept rates and yield curve control steady. they expect economic inflation

economic inflation

Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or a country increases over a period of time. It is the rise in the general price level where you actually buy a particular currency less than it was in previous periods. In terms of evaluating strength or currencies, and therefore foreign currencies, inflation or its measures are very impressive. Inflation stems from the general creation of money. This money m

Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or a country increases over a period of time. It is the rise in the general price level where you actually buy a particular currency less than it was in previous periods. In terms of evaluating strength or currencies, and therefore foreign currencies, inflation or its measures are very impressive. Inflation stems from the general creation of money. This money m
Read this term to move down. Ueda acknowledged the yen’s decline but said there was good and bad in the currency’s moves. USDJPY was up 1.74%, but it was the other yen crosses that really caught fire this week.

• EURJPY: The EURJPY rose 3.51% this week and traded at the highest level since September 2008. This week, the price moved above its highest level since May 1 at 151.61. Looking at the weekly chart, the price entered the extreme area of ​​the upper side that confined the pair from November 2006 to October 2008 (with some modest fractions) between 151.71 and 169.968. Today’s high reached 155.01.

• GBPJPY GBPJPY gained 3.76% which is the largest weekly return since September 26, 2022 when the price gained 3.896%. Before that, you need to go back to the week of June 1, when the pair rose by 4.26%. Looking at the weekly chart, the price is trading at the December 2015 cents high. Back in October 2014, the price of the pair was trading between 174.88 and 195.88. This week, the price moved above the low of that swing zone and entered the extreme zone that confined the pair until Jan 4, 2016 (see the red shaded box). Staying in the shaded box is more upside down.

• AUDJPY: AUDJPY rose 3.7%, the biggest gain since March 2022 when the pair rose 3.86%. Unlike EURJPY and GBPJPY, AUDJPY is only trading at the highest level since September 2022. Then the price high reached 98.599. The highest price reached 97.39 today. The next target is the September 2022 high of 98,599. Beyond that and the peaks from 2014 at 102.844 and 2013 at 105.043 would be the next major targets on the weekly chart.