Superior broker technology provider since 2010
+1 (315) 675 1086 | Sales@YourOwnBrokerage.com

Continues to See Strength Despite Pullback

[ad_1]

It’s worth noting that shorting the pair does not seem to be a viable option soon.

The US dollar attempted to rally against the Japanese yen on Tuesday but ultimately showed signs of hesitation at the key resistance level of ¥138.50. This level represents the top of the ascending triangle, and if the market can break above it, we could see a strong uptrend for the US dollar against the yen. However, with the Federal Reserve meeting scheduled for Wednesday, there is a level of uncertainty surrounding the market, which could lead to a volatile few days for traders.

Advertisement

The yen is a popular asset during turbulent times.

While the market has been showing signs of volatility, a pullback could be an opportunity for buyers, making the market more attractive. Traders should be cautious about position sizing and look for opportunities near the ¥135 level, which could present a buying opportunity in a pullback scenario. The Bank of Japan continues to work against higher interest rates, and therefore is hamstringing the yen.

On the other hand, if the market takes off to the upside, we could see a move toward the ¥140 level, a key psychological resistance level that has seen significant market action in the past. Despite the noise and volatility surrounding the market in the coming days, the market appears to be building pressure to the upside, indicating that there could be a significant move in the works.

  • It’s worth noting that shorting the pair does not seem to be a viable option soon.
  • The market is showing signs of resistance and seems to be building momentum towards an uptrend, rather than a downtrend.
  • In this scenario, a pullback could provide traders with a buying opportunity, allowing them to take advantage of the potential upswing in the market.
  • After all, this is a market that has shown a lot of resilience in the face of any selling that happens.

TLDR; the US dollar has shown signs of hesitation against the Japanese yen at a crucial resistance level. While the upcoming Federal Reserve meeting could lead to further uncertainty, the market appears to be building pressure to the upside, indicating the potential for a significant move. Traders should be cautious and patient, waiting for a pullback to present a buying opportunity near the ¥135 level. With careful position sizing and a watchful eye on the market, traders can potentially navigate the volatility and make informed decisions based on the information available.

USD/JPYReady to trade our daily Forex analysis? We’ve made a list of the best Forex brokers worth trading with.

[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *

YourOwnBrokerage is a leading Technology & Business Consulting firm with a specialized focus in Fintech industry.


RISK WARNING: Trading products are highly speculative in nature and carries a significant level of risk which may not be suitable for all investors. Please ensure you fully understand the risks involved and only invest money you can afford to lose. Seek advice from an independent adviser if at all unsure as to the suitability of investing in such instruments.


The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.


The information on this website is not directed to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation.



© 2009 - 2024 YourOwnBrokerage.com. All Rights Reserved.