Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥105.69)
After Prime Minster Shinzo Abe announced his new cabinet, the yen fell off below ¥105 and is still probing that level. The announcement was all over the news as the government sent a strong message about bringing back women as workers and leaders. Yasuhisa Shiozaki was made health minister. He is now in charge of the world’s larget retirement fund as Japan has an ever aging population. It is believed he is in favor of putting the government pension fund into more risky assets for higher returns.
Technically speaking, we mentioned earlier that there is near term support at ¥104.80 and we have resistance up at ¥105.20. Right now, our technical model remains the same and this morning’s analysis is still valid. For right now, doing short trades is risky. Especially this close to a support level. There is also no clear signs of a bullish reversal. It looks like we could be consolidating for a bit.
