The USD/JPY plummets over 0.85% and drops below the Ichimoku Cloud (Kumo) for the first time since January 15.
USD/JPY drops below Ichimoku Cloud, first since January 15, hinting at possible extended downtrend. Bearish RSI suggests further falls; supports at 155.00, 154.55, 151.86. Resistance at 156.33; breach may push to 157.00, potentially reversing trend. The USD/JPY plummets over 0.85% and drops below the Ichimoku Cloud for the first time since January 15. This is an important milestone yet pending to be confirmed by a daily close below 155.90. At the time of writing, the pair trades at 155.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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