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Christopher Lewis
USD/JPY daily chart, March 14, 2019

The US dollar has initially pulled back against the Japanese yen during trading on Wednesday, but as you can see we have turned around to reach towards the ¥111.50 level. This of course is the beginning of significant resistance that extends to the ¥112 level as we have explored recently. That being said, we are most certainly in an uptrend and it does look as if the 200 day EMA is attracting a lot of attention as you would expect. With that in mind, it’s very likely that we reach towards ¥112 again, and if we can get any type of positivity in risk assets around the world, that should help the situation as well.

USD/JPY Video 14.03.19

To the downside, I believe that the ¥111 level is going to continue to offer support, and at this point it’s very likely that we will see traders come in and try to pick up the US dollar “on the cheap” every time we dipped down to that specific region. However, if we break down below the red 50 day EMA on the chart, that could send this market down to the ¥110 level given enough time. This is a market that is very sensitive to risk appetite, so pay attention to what’s going on in the stock markets. We are testing major resistance barriers to the upside, and if we can get some type of breakout in the S&P 500, the NASDAQ 100, or the like, that could send this pair much higher as well.

Please let us know what you think in the comments below

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