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USD/JPY binary signal - BoJ Kuroda speech - 13 Nov 2017

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Signal details
Entry Price: 
113.75
Close Price: 
No trade
Direction: 
Put
Expiry Time: 
21:00 GMT
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The markets open today on a quiet note with no major economic data for release. As a result, the speech from the Bank of Japan Governor, Kuroda will stand out. The BoJ governor is expected to deliver his speech at 17:45 GMT today. Kuroda will be speaking about monetary policy at an event in Zurich, Switzerland.

Kuroda's speech comes at a time when just last week some of the governing members of the Bank of Japan signaled their commitment to keep its QE purchases. The Bank of Japan has been struggling to fight deflation for many years. Over the past couple of central bank meetings, the Bank of Japan has repeatedly pushed back its forecasts for inflation to reach 2% target.

Consumer prices in Japan have been stubbornly low. This comes amid a weak pace of wage growth which affects household spending. The Bank of Japan has left monetary policy unchanged for the most part this year. It first lowered interest rates to -0.10% in January this year and has maintained its QE at a steady pace.

Based on the above, today's forex binary signal is USDJPY. The currency pair has been seen to be trading in a range in the past few weeks. Following the failure to break past the 114.00 – 114.50 level of resistance, USDJPY has been showing some weakness.

The formation of the bearish rising wedge pattern near this resistance level is indicative of some downside correction in prices.

Therefore, we would purchase daily PUT options at 113.75. USDJPY has been retracing some of the gains and we expect the pullback to last until this level. Following the retest of 113.75, USDJPY is most likely to continue its descent to the downside as price tests 113.00 and thus closing lower on the day.

binary options signal usdjpy 13 Nov 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.