The Bank of Japan governor, Haruhiko Kuroda had a speech at 9 am today. It was delivered at Nagoya with business leaders present. The content of the speech largely reflects the Japanese economy and monetary policy.
This is an M1 chart for the USD/JPY pair. Ignore the time though as the wrong timezone was selected. Kuroda`s speech came out at 9 am (1 am on the chart) and this pair fell for about 10 minutes post data. The rebound after the lowest point was clearly seen through price action as a red hammer was formed indicating that buyers were winning as the closing price was higher the opening.
I entered long at 117.90 based on fundamentals as the US third quarter preliminary GDP will be out tonight. The advanced figure out last month was solid and I expect tonight to continue the trend. Technical analysis confirms the time of entry.
The M1 chart for the GBP/JPY pair is has similar movements to the USD/JPY pair. Price action is obvious during the reversal.
I decided to skip this pair as the UK inflation report is out this evening and it has been pretty unpredictable so far.
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