USD/JPY Price Forecast – US Dollar Continues to Break Higher

The US dollar has gone back and forth against the Japanese yen during the trading session as it looks like we are trying to stabilize above the ¥115 level. Because of this, I think it is probably only a matter of time before we make a bigger move, as breaking above the ¥115 level is a big deal. Furthermore, you have to keep in mind that the Thanksgiving holiday will pull some liquidity out of the markets, so the next couple of days could be a bit squirrelly. Nonetheless, we are in an uptrend and have been pressing major resistance for quite some time now.

USD/JPY Video 25.11.21

At this point in time, it is very likely that any pullback will be bought into, as there will be a lot of “FOMO” out there, and of course traders tend to follow the herd, thereby causing an even bigger move to the upside. The ¥112.50 level continues to be a major support level, and essentially an area that I would consider to be the “floor in the market.” Furthermore, the 50 day EMA is above there and rising, so it will be a bit surprising to fall all the way down there, but anything is possible.

Nonetheless, I think at this point in time we are very likely going to go looking towards the ¥117.50 level, maybe even the ¥120 level. If you look at the longer-term chart, the area that we are trying to take out to the upside is a major resistance barrier, so therefore I do believe that we could be witnessing the beginning of a bigger move that is more about trend than anything else.

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