Italia markets closed
  • Dow Jones

    33.338,70
    -926,67 (-2,70%)
     
  • Nasdaq

    13.210,03
    -558,90 (-4,06%)
     
  • Nikkei 225

    27.588,37
    +66,11 (+0,24%)
     
  • EUR/USD

    1,1315
    -0,0040 (-0,35%)
     
  • BTC-EUR

    30.123,04
    -1.300,67 (-4,14%)
     
  • CMC Crypto 200

    776,75
    -33,85 (-4,18%)
     
  • HANG SENG

    24.656,46
    -309,09 (-1,24%)
     
  • S&P 500

    4.249,68
    -148,26 (-3,37%)
     

USD/JPY Price Forecast – US Dollar Continues Upward Momentum

·2 minuto per la lettura

The US dollar has rallied a bit during the course of the trading session on Friday to reach towards the ¥110.50 level, an area that has been important a couple of times in the past, and it is an area that should attract a certain amount of attention. If we can break above the ¥111 level, then it is likely that we go looking towards the ¥112 level. That is a major resistance barrier going back several months and years, so if we can break above there then it is likely that we could continue a longer-term move.

USD/JPY Video 26.07.21

If we pull back from here, the 50 day comes back into the picture which happens to be just below the ¥110 level. Ultimately, this is a market that I think will try to decide what to do next, because if we break down below there then we could dip towards the ¥109 level. I think the only thing that you can count on in this market is going to be choppiness and noisy behavior. This makes quite a bit of sense considering that both currencies are considered to be “safety currencies”, and therefore it does make quite a bit of sense that we go choppy more than anything else.

In fact, when you look at this chart a lot of times you can use it as an indicator as to where the Japanese yen is going to moving in general. If this pair falls, a lot of times I will short something else like the AUD/JPY, GBP/JPY, etc. On the other hand, if this pair rises then it makes sense that this pair signals that those other pairs could go higher. In that sense, this is a tertiary indicator.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE:

Il nostro obiettivo è creare un luogo sicuro e coinvolgente in cui gli utenti possano entrare in contatto per condividere interessi e passioni. Per migliorare l’esperienza della nostra community, sospendiamo temporaneamente i commenti sugli articoli