The USD/JPY pair initially tried to rally during the course of the week, but we found the 125 level to be a bit too resistive. By doing so, we ended up
The USD/JPY pair initially tried to rally during the course of the week, but we found the 125 level to be a bit too resistive. By doing so, we ended up forming a shooting star, which of course is a very negative sign. The uptrend line below should continue to this market going higher, but a pullback may be necessary in order to break out above the 125 handle. We do think it happens given enough time, but at this moment in time we are going to look for value and support at lower levels before putting money to work.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
