USDJPY Update: Aug 24, 2014

The yen continues to suffer.  Rumor is the BOJ is ready to admit things ain’t going so well with Abenomics — which would presumably increase the odds of expanding QQE.  Not so sure about an expansion, as inflation is clearly becoming problematic (on account of the cheapening yen.)  Then again, this the same government that refuses to tell their citizens the truth about Fukushima…

USDJPY tagged the .786 of the decline from the Jan 2 highs.  The pair looks overbought at 104+ but that doesn’t mean it can’t be more overbought.  CME/Globex has still not opened today (technical reasons) so who knows how US futures will respond.


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