USD/JPY Forecast: USD Strong Against Japanese Yen
Technical Analysis
The technical analysis of course has been very bullish, and he continues to be so going forward. The 50-Day EMA is sitting just above the ¥155 level, an area that of course has been very important multiple times. I think at this point in time, the market is likely to continue to see this area as a potential value spot, so I do think that if we pull back at all, we will more likely than not see plenty of buyers willing to step in and defend this level.
The next support level course is going to be the ¥152 level, and then followed by the ¥150 level where the 200-Day EMA currently resides. In general, this is a market that continues to find plenty of buyers regardless, especially as the interest rate differential continues to favor the US dollar. With that in mind, I think it’s probably only a matter of time before we see the market take off to the upside, with an eye on the ¥160 level, an area that we see the Bank of Japan recently intervened at. I think that is an area that the market will have to contend with, but eventually I do expect that we not only reach the ¥160 level, but eventually break above there. If and when we do, then it becomes more or less a “buy-and-hold” type of situation.
More By This Author:
GBP/CHF Forecast: A Market To WatchBTC/USD Forecast: Shows Hesitation On The Upside
Gold Forecast: Volatility Near Massive Support
Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
more
Comments
