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USD/JPY forecast for the week of February 1, 2016, Technical Analysis

By:
Christopher Lewis
Published: Jan 30, 2016, 06:06 UTC

The USD/JPY pair broke down during the course of the week initially, but turned back around as the Bank of Japan suggested that more quantitative easing

USD/JPY forecast for the week of February 1, 2016, Technical Analysis

The USD/JPY pair broke down during the course of the week initially, but turned back around as the Bank of Japan suggested that more quantitative easing was coming. With that being the case, it’s very likely that we continue to go higher this week, and now that we’ve cleared the 118.50 level, it is very likely that we could go as high as 123 over the next several candles. We have no interest whatsoever in shorting this market now, and believe that we will continue higher sooner or later.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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