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USDJPY Explodes Higher Following Bank of Japan Surprise, 31st October 2014

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Trading Setups / Chart in Focus:

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USDJPY – Dollar / Yen Explodes higher as uptrend continues

The USDJPY moved aggressively higher today and hit its highest level since December 31st 2007 after the Bank of Japan shocked markets with an aggressive expansion of its economic stimulus program, adding fuel to the already ‘hot’ bullish trend in this market. We can see anyone who got long this uptrend from either the 1 hour pin bar buy signal that we discussed in our October 15th commentary, the pin bar from our October 21st members trade setups newsletter or the inside bar setup from earlier this week, would have been handsomely rewarded having held the trade through today. It’s obvious the trend has been up and is still up, so any retraces back to the 8 / 21 day EMA support layer or any horizontal support levels should be watched for opportunities to rejoin the uptrend.

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In today’s members trade setups newsletter, we will discuss in more detail our thoughts on the EURUSD, AUDUSD, USDJPY, Gold and more. To learn about becoming a member, click here.

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Fundamental Commentary & Upcoming Economic News

Forex Commentary:

In the currency markets today, the Japanese yen got destroyed by the U.S. dollar and other major currencies after the Bank of Japan surprised financial markets with an aggressive expansion of its monetary stimulus plan.

The greenback moved up as much as 3 percent higher versus the yen, to 112.47 yen, its highest level since Dec. 31 2007, it was last up about 2.77 percent at 112.22 yen.

The euro fell to a 26-month low against the greenback on Friday, to $1.2484, before ending the day at $1.2533, down 0.62 percent on the day and 1.07 percent for the week.

The U.S. dollar index rose 0.86 percent today and hit a 4-year high of 87.13.

Other Markets:

In the U.S. markets today, the Dow industrials moved up to a record high as stocks rallied following a significant ramp-up of stimulus by the Bank of Japan, which came just days after the Federal Reserve ended its own economic stimulus program.

The Dow added 195.10 points or 1.13%, the 23.40 points or 1.17%, and the Nasdaq gained 62.13 points or 1.36%

Upcoming important economic announcements (New York time): 11/2/2014

8:30pm EST: Australia – Building Approvals m/m
9:45pm EST: China – HSBC Final Manufacturing PMI

11/3/2014

5:30am EST: Britain – Manufacturing PMI
11:00am EST: United States – ISM Manufacturing PMI
1:50pm EST: Canada – BOC Gov Poloz Speaks
8:30pm EST: Australia – Retail Sales m/m
8:30pm EST: Australia – Trade Balance
11:30pm EST: Australia – Cash Rate
11:30pm EST: Australia – RBA Rate Statement

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

Previous Posts

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USDJPY Higher from Pin Bar Signals, NZDUSD and AUDUSD Weaken, 23rd October 2014

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Trading Setups / Chart in Focus: USDJPY – Dollar/yen surges higher The USDJPY surged higher today and we can see that price has now moved significantly higher following the 1 hour pin bar buy signal that we discussed back in our October 15th commentary. Anyone who held that trade would... Continue Reading

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AUDUSD Stuck in Range, USDJPY Pushes Higher, 20th October 2014

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EURJPY Pin Bar / Fakey Buy Signal, USDJPY Moves Higher, 16th October 2014

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USDJPY 1 Hour Pin Bar Buy Signal, 15th October 2014

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GBPUSD Falls From Inside Bar, NZDUSD Potential Sell, 14th October 2014

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EURUSD Approaching Potential Sell Level, 13th October 2014

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AUDUSD Downtrend Continues as Weakness Persists, 10th October 2014

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