USD Grinds to Upside Against Japanese Yen USDJPY Forex
However, we gave back a bit of the gains to form a shooting star. The market is at the top of what could be thought of as a bullish flag, so we need to pay close attention. With that being said, I think short-termTrade USD/JPY now!
If the market does fall from here, I suspect there is a significant amount of support near the ¥127.50 level, and then again at the €125 level. Ultimately, I think that any pullback will offer value that people are willing to take advantage of as potential “cheap dollars.” The trend has been brutal, so it does make quite a bit of sense that we would see plenty of traders willing to get involved, and to think that we are suddenly going to change is a bit of a stretch.below the 0.
At this point, you need to take a little bit of time to see value appear because it is obvious that we have broken to the upside. The ¥125 level is an area that I think could be tested on any type of US dollar weakness, but that weakness will be short-lived as we have seen the US dollar strengthen against almost everything.
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