USD/JPY Forecast Today 13/11: Eyes 155 Breakout (Video)

2024-11-13 03:04:41

(MENAFN- Daily Forex)

As you can see, the US dollar has rallied again against the Japanese yen as we continue to see a lot of upward pressure in general.
That being said, the 155 yen level is an area that a lot of people would be paying close attention to as it is a large round psychologically significant figure and an area that should cause a little bit of noise.
If we can get above there, then we can really take off to the upside, perhaps to the 158 level. If we pull back from here, I think there are plenty of buyers underneath willing to get involved.

I think you have to keep in mind that the 152.50 yen level then becomes something that could be crucial as well. So, with all of this being said, I do think that we either see a move to the upside, or we see a pullback that offers value that traders should be willing to take advantage of. Keep in mind that the interest rate differential continues to favor the US dollar, and it will for the foreseeable future.

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So, I just don't see any reason why you would fight the trend. Underneath, we have the 150 yen level offering a floor in the market, especially now that the 50 day EMA and the 200 day EMA indicators both are sitting right there and they are crossing, forming the so-called Golden Cross. Either way, I think this is a market that continues to go higher over the longer term and short-term pullbacks, like I said, should end up being thought of as opportunities to pick up cheap US dollars. This will more likely than not continue to be the case, so at this point in time I think it's only a matter of time before we break out and go much higher. All things being equal, I have no interest in shorting this USD/JPY pair anytime soon, as there are so many reasons for it to go higher.

EURUSD Chart by TradingView

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