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May 27, 2021

JPY- Hottest Market Moves

Frank Cabibi

5/27/2021

Yen pairs are moving big today as Japan's currency loses demand among investors. Bank of Japan's statement earlier this week suggested that the economy is still suffering from the pandemic and outlook is not getting much better. Money flow seems to have slowed in private spending. It's interesting that the yen is dropping off poor economic news while the currency is still considered a safe haven.

NZD/JPY

Kiwi Yen 4H

NZDJPY is up nearly 0.80% on the day making it one of the heaviest movers in the forex market after economic outlook was slashed for the first time in months for Japan. This pair broke above resistance at 79.432 and shot up from the momentum afterward. New support now lies around that area where the pair broke above as it makes a higher high on the 4H chart.

USD/JPY

Dollar Yen 4H

USDJPY breaks out of its wedge on the 4H chart and nears a triple top at 109.781. The pair has mostly been caught in consolidation up until Japan's national bank sent their currency sinking. Price may have trouble breaking this top since USD is not looking very strong either. So, this level could be viewed as another potential short position in the short term, but the pair has been in a steady uptrend for the most part.

GBP/JPY

Pound Yen 4H

GBPJPY on the 4H chart making a massive move, up 0.96% on the day, breaking resistance and touching higher highs. Big support now lies around 154.827, and if this recent 4H candle can close above that price, that support level will become more viable. We are expecting further volatility today, so big price swings could happen in either direction today with a bias to the upside.

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