Expert Evaluation on Market Trend for USD/JPY
Potential Leadership Transition at the Bank of Japan
There are rumors that when the current governor, Haruhiko Kuroda, steps down on April 8th, he or she may be replaced by former Bank of Japan policy member Kazuo Ueda, according to recent reporting from The Nikkei Asia.
Masayoshi Amamiya, the deputy governor, was reportedly approached for the position but rejected further conversation, according to market sources. Together with Governor Kuroda, Amamiya played a key role in putting the nation’s present ultra-loose monetary policy into effect.
The USD/JPY Market is affected.
The USD/JPY market has changed as a result of this revelation, erasing the gains of about 3 points earned earlier in the week. Following Kuroda’s departure, market players appear to be preparing for a future shift in the nation’s monetary policy.
Market Outlook and Analysis
With the 50-day moving average passing below the 200-day moving average last month, the USD/JPY market trend is still negative. The 20-day moving average is currently being tested by the USD/JPY, and a verified closing below this indicator might signal additional price declines.
Data analysis for Retail Traders
Market Sentiment Synopsis
Recent data on retail traders reveals a short-to-long trading ratio of 1.13 to 1, with 47.03% of traders holding net-long positions. Trading positions that are net-long have climbed by 0.19% from yesterday and declined by 8.27% from last week. In the meanwhile, there are now more traders holding net-short positions than there were yesterday (up 2.50%) and last week (up 6.36%).
Alternative perspective on market sentiment
It’s crucial to remember that we frequently operate in opposition to popular opinion, and the fact that traders are net-short signals that the USD/JPY market may continue to increase, is an indication of this. Given the present trading environment and recent developments, we have a greater bullish contrarian trading bias for the USD/JPY market.