Annuncio pubblicitario
Italia markets closed
  • FTSE MIB

    34.750,35
    -9,34 (-0,03%)
     
  • Dow Jones

    39.807,37
    +47,29 (+0,12%)
     
  • Nasdaq

    16.379,46
    -20,06 (-0,12%)
     
  • Nikkei 225

    40.351,14
    +183,07 (+0,46%)
     
  • Petrolio

    83,11
    -0,06 (-0,07%)
     
  • Bitcoin EUR

    65.594,88
    +1.003,95 (+1,55%)
     
  • CMC Crypto 200

    885,54
    0,00 (0,00%)
     
  • Oro

    2.254,80
    +16,40 (+0,73%)
     
  • EUR/USD

    1,0786
    -0,0007 (-0,06%)
     
  • S&P 500

    5.254,35
    +5,86 (+0,11%)
     
  • HANG SENG

    16.541,42
    +148,58 (+0,91%)
     
  • Euro Stoxx 50

    5.083,42
    +1,68 (+0,03%)
     
  • EUR/GBP

    0,8540
    -0,0006 (-0,07%)
     
  • EUR/CHF

    0,9721
    -0,0006 (-0,06%)
     
  • EUR/CAD

    1,4593
    -0,0013 (-0,09%)
     

USD/JPY Price Forecast – US Dollar Continues Upward Momentum

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.

ANNUNCIO PUBBLICITARIO

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: