The USD/JPY pair initially tried to rally during the course of the week, but turned back around to form a shooting star. The 105 level below is
The USD/JPY pair initially tried to rally during the course of the week, but turned back around to form a shooting star. The 105 level below is supportive, so if we can break down below there I feel that we will more than likely drop down to the 103 level. On the other hand, if we can break above the top of the shooting star, I believe that the market could reach towards the 108 with this, and then eventually the 110 level. Ultimately, I believe that the long-term downtrend continues, and as a result the sellers could very well jump back in.
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.
