USD/JPY Decreases After G7 Meeting
FxGrow | May 23, 2016 05:53AM ET
USD/JPY decreases after G7 meeting
The yen surged higher as Asian stocks declined.
The USD/JPY slumped to touch 109.40 after the G7 meeting concluded with the US warning Japan against interventions to weaken the currency. Finance ministers also discussed further BOJ easing, knowing that yen’s actions were considered orderly.
Breaking 109.25 will give the USD/JPY a bearish wave to touch next support points 108.85 and 108.55.
However, volatility rose as Fed signaled the possibility of a much anticipated rate hike in June.
Breaking the minor resistance levels 110.40 will give an end to the downward movement and will open the door for further gains toward 110.65 and 110.95 respectively.
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