The US dollar initially rallied against the Japanese yen in a bid to maintain some support. However, the week ended up forming a rather negative looking
The US dollar initially rallied against the Japanese yen in a bid to maintain some support. However, the week ended up forming a rather negative looking candle, suggesting that perhaps we could breakdown. If we sliced below the 108 handle, the market could go lower, perhaps reaching towards the 105 handle. Ultimately, this is a market that I think continues to see serious bearish pressure, and therefore I think it’s not until we break above the 110 level that you can consider buying this market. Pay attention to the overall attitude of financial markets worldwide, as this pair tends to fall in times of fear.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
