USD/JPY Weekly Forecast – US Dollar Continues to Threaten Major Breakout

USD/JPY Forecast Video for 13.11.23

US Dollar vs Japanese Yen Weekly Technical Analysis

The US dollar has rallied significantly during the course of the week, as it looks like we are trying to reach the top of the candlestick from the previous week. Breaking above the top of the shooting star would open up a move above the ¥152 level. If we can get beyond there, then the market is likely to go look into the ¥155 level.

The fact that we are closing at the top of the range for the week does suggest that we are going to continue to see upward trajectory, so I think the play here is to look for short-term pullbacks that you can take advantage of, using the weekly candlestick as a guide. All things being equal, this is a market that I have no interest whatsoever in shorting this market, and it’s not until we break down below the ¥147.80 level that I would even remotely consider shorting this market.

In general, I think this is a market that will continue to go higher over the long term, and therefore people are just simply going to hang onto their investment and try to make the daily payday that you get for being long of this currency pair. In general, this is a market that I think you wait to find a bit of value so you can take advantage of it. At this point, I fully anticipate that this pair will be at the ¥155 level by the end of the year, perhaps even higher than that. This will continue to be a situation where value hunting is by far the best way to take advantage of this market.

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