Ticker tape by TradingView

January 4, 2022

Yen Pairs To Watch Right Now- USDJPY, CADJPY, GBPJPY

Frank Cabibi

The yen has been the most volatile across the board all day, and there a few reasons why. It seems that investors are more hesitant on the Japanese economy now that stricter monetary policy seems to be more prevalent in other countries more so than in Japan. The economy is expected to continue recovering, but it will do so at a slower pace. Super loose monetary policy for the past decade is likely to continue this year causing the yen will be consistently out of favor. Having said that, here are some yen pairs to watch on this wild trading day.

Bullish potential still seems probable for these three pairs right now although COT is buying up lots of futures contracts on the yen. However, the persistent easing drives investors away from the yen and brings them towards stronger currencies that plan to tighten monetary policy this year.

Yen Pairs To Watch

USDJPY (Dollar Yen)

yen pairs to watch

Dollar yen had a strong day as the pair flew up to the highs of 116.300s before taking a minor retrace on the 4H. Although the previous candle showed rejection from the lows, we still might see a further move downward to support which lies around 115.500s. UJ is now at the levels not seen since January of 2017.

CADJPY

Driven by higher oil prices and bond yields, the loonie gained more demand over the yen in late December. Price crossed above resistance at 91.186, but it hasn't closed above. Also, two trend lines look noticeable on the 1D timeframe, and price has broken above one of them.

GBPJPY (Pound Yen)

Across the pond, pound pairs are in a similar boat as the dollar with the expectation of higher rates going forward. This factor is helping to drive price up closer to highs around 158.239. A trend line formed on the 4H where the pair has respected that level twice. Support lies around 156.000 and 154.746 just below.

To read more about GBP pairs, click here.

A1 Edgefinder

FLASH SALE
Take 40% off the Edge finder using code "READER"
GET ACCESS NOW

want to see what we're trading?

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
A1 Trading Podcast
How These Factors Will Impact Oil Now

Oil prices have surged this year and have recently pulled back from the highs. However, there are some factors right now that will heavily influence the price of commodities in the long term. And it's important that we go over them so when the time comes, we'll have a better understanding of how to trade […]

Read More
We Like These Pairs For Next Week

As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]

Read More
More Downside On The SPX500 After This?

When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram