HomeBusinessUSD/JPY Weekly Price Forecast – US Dollar Continues to Rise

USD/JPY Weekly Price Forecast – US Dollar Continues to Rise

US Dollar vs Japanese Yen Weekly Technical Analysis

The US dollar has broken through during the trading week, having breached the ¥152 level. Right now it’s all about the interest rate difference and the payout at the end of each day. This is something I’ve been subscribed to for a while, and we’ve spent quite a bit of time grinding just below the ¥152 level.

So once we got up there, that was obviously a very big deal. That said, I think any short-term pullback at this point will almost certainly be picked up. And I think traders will continue to view this as a major breakthrough. If we continue to move higher, the next target will likely eventually be somewhere near the ¥155 level.

And I think it’s likely at this point that even if the market breaks below the ¥152 level, it probably opens up the possibility of even more support at ¥150, assuming we even get there. The Bank of Japan basically had to throw in the towel recently because even though they raised interest rates, they only dropped to zero. At the same time, you have a situation where the Federal Reserve will probably have to hold on to tighter interest rates for a while, and you’ll continue to get paid for that at the end of each session. I love buying dips and have been adding more and more lately. I think given enough time, we can see this market continue to pay you over the longer term.

See also  This is hands down my pick for the best "Magnificent Seven" stocks right now. (Hint: It's not Nvidia.)

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This article was originally posted on FX Empire

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