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USD/JPY Price Forecast – The US Dollar Continues to Push Higher

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US Dollar vs Japanese Yen Technical Analysis

The US dollar continues to rally against the Japanese yen, as we are trying to break out above the ¥136.50 level. This is an area that has been resistant multiple times, so if we can break above there it’s very likely that we could take on to the upside. Ultimately, the ¥140 level would be the next target and will attract a certain amount of headline attention.

On pullbacks, there should be plenty of buyers willing to jump into this market to take advantage of value. The ¥130 level underneath would be a major support level, and where I determine the overall trend at the moment. The 50-Day EMA sits above there and is rising. The ¥132.50 level is also supported as well, right along with the ¥135 level. In other words, there are plenty of areas where we will more likely than not see the opportunity to pick up a bit of value, as the uptrend is so strong. Ultimately, this is a market that I believe will continue to be very bullish, but it does not necessarily need to go straight up in the air.

The Bank of Japan continues to do massive quantitative easing, and that works against the value of the Japanese yen. By doing so, it suggests that we are going to continue to see this uptrend unfold, especially as the Federal Reserve is tightening its monetary policy simultaneously. In other words, this is the “perfect storm” for the currency pair to continue grinding higher. I think that there will be plenty of “buy on the dip” type of opportunities ahead, and I fully plan on taking advantage of them.

USD/JPY Price Forecast Video 30.06.22

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This article was originally posted on FX Empire


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