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August 28, 2020

Japan PM Abe EXIT News Creates 174 PIP Volatility

USD/JPY Spikes Down On Japan PM Shinzo Abe’s Resignation News

Japanese yen strengthens extremely against U.S. dollar on the exit news of Japan PM Abe. As Japanese PM Abe is struggling with the disease ulcerative colitis for years, and now he wants to avoid causing problems for the government due to the worsening of his condition.
Shinzo Abe is the Japan’s longest serving premier and initiative of “Abenomics” stimulus strategy, has resigned for health reasons. Now the uncertain economic policies and unfinished business by Abe, leave the investors speechless.

Technical View:

USD/JPY: The Japanese yen strengthens tremendously in European hours. A sustained close above 106.87 will take the parity higher towards key resistance around 107.48, 107.92, 108.22, 108.54, 109.20 and 109.72 mark respectively. On the other side, a consistent close below 105.10 will drag the parity down towards 104.72, 104.20, 103.50 and 102.98 marks respectively. Such unpredicted event gave approximate 174 PIP movement.

Take a look and do trade wisely!

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