- Japan Prime Minister Shinzo Abe Unveils 5 Women to Sit In his Cabinet
- Yasuhisa Shiozaki Is Appointed as Health Minister in Abe’s Cabinet.
- USD/JPY Plunges Below 105.00 After the Cabinet Reshuffle Announcement.
Want to trade with proprietary strategies developed by FXCM? Find out how here.
Prime Ministerof the third-largest economy, Shinzo Abe, had a new line-up in his Cabinet and was announced by Japan’s Chief Cabinet SecretaryYoshihide Suga. The announcement swept the headlines as the Japanese Government sent a strong message about his firmness on restoring women as workers and leaders by electing five-women to sit on his Cabinet. Moreover, Yasuhisa Shiozaki was appointed as health minister, which puts him in charge of the world’s biggest retirement fund. He is believed to be a candidate that favors the re-weighting of the Government Pension Investment Fund to hold more risky assets.
The reaction of this event caused the Yen to strengthen against the US Dollar to trade back below 105.00 level. In addition, the announcement resulted in the benchmark Nikkei 225 stock index to erase most of it earlier gains. This repercussion may have been due to a deterioration in the possibility of further easing by the Shinzo Abe government.
In regards to technical analysis,DailyFX Currency Strategist Ilya Spivak mentions near-term support at 104.84 and resistance at 105.24. He remains flat for now as he argues against entering short with prices trading in close proximity to support level and there is an absence of a defined bullish reversal signal.Meanwhile according to DailyFX Speculative Sentiment Index, the ratio of long to short positions in the USD/JPY sta
near-term support to 1.6533 (38.2% Fib Exp.) and resistance at 1.6613 (trend line resistance). He remains flat for now as he argues against entering short with prices trading in close proximity to support level and there is an absence of a defined bullish reversal signal.Meanwhile according to DailyFX Speculative Sentiment Index, 39 percent of FXCM retail traders are long USD/JPY.
USD/JPY 5 Minute Chart
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
New to FX? START HERE!
Edward Hyon, DailyFX Research Team
Keep up to date on event risk with DailyFX Calendar
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
- No results found.