USD/JPY Next?
The US dollar has rallied significantly during the trading session on Thursday
breaking above the 200-day moving average,
clearing the ¥110 level. Because of this, it’s likely that the market is ready
to change its overall attitude, as we have made a significant move higher.
I think short-term pullbacks should continue to be buying opportunities,
and that we should then go to the ¥112.50 level.
I believe that pullbacks will continue to be buying opportunities
down to at least the ¥109 level, and I think that the market will continue
to find buyers every time we offer “value” in this pair. If we break down below the ¥109 level,
that could unwind this market down to the ¥107.50 level.
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