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.
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.
