Welcome trading legends,
In this blog, we’ll be trading the USD/JPY asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The Japanese economy has expanded since 2012, but the recent coronavirus pandemic has created uncertainty and weighed on economic growth. Local businesses are unsure whether the government stimulus will be long-lasting - especially now that the Japanese Prime Minister Shinzo Abe has resigned. Greater uncertainty could pressure the Yen.
Japanese politics has a big influence on the Yen. The Yen goes up when the elected government implements policies to help improve the economy. The continuation of similar economic policies as last year, which appear to be working, will mean the Yen will likely go up.
Authorities are also likely to implement policies to help manage any sudden fluctuations in the foreign exchange rate. A stronger Yen could lower demand for Japanese exports and negatively impact the economy. However, everything is uncertain due to the coronavirus pandemic and the recent resignation of Japan's Prime Minister will add to this.
The US dollar (USD) can significantly influence the Yen. Generally, when the USD gets stronger, the Yen is relatively weaker and vice versa. The Yen is also seen as a ‘safe currency’, which means it will move up against other ‘higher risk’ currencies when there is more uncertainty over global economic growth. Safe-haven buying of the JPY might be short-lived, but it depends on how long the coronavirus pandemic impacts countries and the government response to it worldwide.
EUR to JPY forecast
Major banks agree that in 2020, the EUR JPY will trend lower. Most bank analysts are expecting the Euro to Japanese Yen currency pair to decline gradually within a trading range of 120.00-130.00. The current EUR JPY exchange rate is 124.41.
AUD to JPY forecast
Banks are expecting the Aussie to Japanese Yen exchange rate to remain flat around the 76.00-78.00 level near-term. For the rest of 2020, it looks like most banks predict the AUDJPY rate to move between a 75.00-80.00 range, weaker than the range in 2019.
NZD to JPY forecast
Bank analysts generally expect the NZD JPY to remain at current low levels (under 75.00) in the short term. For the rest of the year, bank analysts predict the NZD JPY will remain flat.
As you can see, the signals from Tools Trades have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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