USD/JPY rose again on Wednesday as the Dollar gained against most currencies. The “risk off” trade came into play in full force after several central
USD/JPY rose again on Wednesday as the Dollar gained against most currencies. The “risk off” trade came into play in full force after several central banks essentially said there may be less quantitative easing than expected. With this in mind, a bit of readjusting had to happen, and the market certainly did. The 81 level has been claimed again, and the 80 level now looks to be very supportive. At this point, we are willing to buy pullbacks as long as we stay above the 80 level, and selling would only be possible below that handle, and for short-term trades.
USD/JPY Forecast March 1, 2012, Technical Analysis
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.
