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Tuesday, 13 October 04:52 (GMT -05:00)

Foreign exchange market

Deutsche Bank: Japanese Yen Will Strengthen Further



According to analytic team of Deutsche Bank, the Japanese Yen will strengthen further despite the Bank of Japan’s recent steps aimed at curbing the strengthening of Japan’s national currency. The expected target is 75.00.






According to Bilal Hafeez, head of FX strategy at Deutsche Bank, the situation needs constant control and continuous interventions by the BoJ, otherwise the US Dollar will keep depreciating against the Japanese Yen.
 The strength of the Japanese currency is explained by Japan’s external trade surplus and strong foreign investment positions.
In the meantime, USDJPY continues its uptrend as JPY is depreciating against USD. The price is currently forming wave 5 or A inside the “Hound of the Baskervilles” pattern by Elder/MF. According to the Department of Masterforex-V Trading System , the closest levels of resistance are located at 79.94, 80.26, 80.44, 80.59. The current upswing will be completed as soon as the price breaks below the Mf pivot 79.35.





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