The Dollar/Yen reached our 105.50 target yesterday as the demand for the greenback remains on the rise. Yesterday, the BoJ minutes revealed that a few members said prolonged damage to economy from pandemic could lead to solvency problems for some firms, affect financial system stability, which could impact negatively on the Yen in the long-run. If US Equities resume the selloff today, the demand on the USD will probably remain strong, pushing the pair towards the 200-period SMA.
Support: 105.15 / 104.85
Resistance: 105.50 / 105.85
Risk Warning: 56.82% of retail CFD accounts lose money
This analysis is just part of a greater daily market report on 8+ of the hottest instruments and assets provided to all SquaredFinancial clients. Register for a live account and receive the daily report in full detail for free.
Disclaimer: This information is only for educational purposes and is not an investment recommendation. The information here has been created by SquaredFinancial. All examples and analysis used herein are of the personal opinions of SquaredFinancial. All examples and analysis are intended for these purposes and should not be considered as specific investment advice. The risk of loss in trading securities, options, futures, and forex can be substantial. Customers must consider all relevant risk factors including their own personal financial situation before trading.