- The USD / JPI forecast shows resistant yen despite the transition in the Japanese political landscape.
- The Japanese ruling party lost elections on Sunday.
- If until 1. August there is no trade agreement, Japan can face 25% of the tariff on its goods.
The USD / JPI forecast shows resistant yen despite the transition in the Japanese political landscape. The currency is greater than the dollar despite the fact that in the upper house in the upper house lost the small house in the upper house. However, it is careful because market participants are waiting for implications for the prime minister and American trading negotiations in Japan.
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Jen strengthened Monday after the Japanese ruling party lost elections on Sunday. The Prime Minister Shiger Ishiba party received 47 places of 50 needed to win the majority in the upper house. This means that Ishiba lost most of his power. The ruling party has already lost most of the place in the lower house. The new loss means a difficult time of trying to pass policies.
At the same time, this means uncertainty about trade talks with the United States. If until 1. August there is no trade agreement, Japan can face 25% of the tariff on its goods. Such an outcome would seek to economics and yen.
Today Events USD / JPI
The market participants do not expect key economic editions from Japan or US. Therefore, it will continue to accompany the tariff development of events.
Made / JPI Technical Forecast: Beriish Rsi Divergence
On the technical page, the USD / JPI price was interrupted below 30th, which shows the bears took advantage. The price now sits below SMA, with RSI below 50, supporting the bear bias. However, the price continues to rotate according to the level of support from 148.02. At the same time, bears must break below the previous low to form a lower low and confirm a new trend.
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Earlier, the price traded in the solid motion above the 30th, making the higher high and lower. However, this was stopped when the bulls met the level of resilience at 149.01. Here, they couldn’t make higher tall. The price failed to be violated above the previous high, and the RSI made a divergence. It allowed the bears to press the price below SMA.
The break below 148.02 would confirm the shift in the direction and cleaned the road to the support level 146.01. However, if the price does not break below the support level, the bulls are likely to return to reiterate resistance to 149.01.
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