USD/JPY Forecast Today - 14/11: USD Rallies Vs Yen (Chart)
Date
11/14/2024 2:32:56 PM
(MENAFN- Daily Forex)
During my daily analysis of the USD/JPY pair, it's obvious that the US dollar has broken above a major resistance barrier in the form of the ¥155 level. This is an area that's been important more than once, so does make a certain amount of sense that we would see a little bit of interest in this pair at this point. The fact that the candlestick is so decidedly above the ¥155 level suggests that we are in fact going to continue to see momentum jump into this market.
Top
Forex Brokers1 Get Started 74% of retail CFD accounts lose money
All of this makes sense, because quite frankly the interest rate differential between the United States and Japan continues to be massive, and therefore I think you've got a situation where traders will continue to favor hold the greenback over the Japanese yen which of course has the Bank of Japan behind it, which is a central bank that can't do anything with its monetary policy anytime soon, because quite frankly, the Japanese economy has a massive amount of debt attached to it that it cannot finance it higher rates. As long as that's going to be the case, I do believe that the Japanese yen will continue to get punished as a result of this Analysis
The technical analysis for the USD/JPY c urrency pair
has been bullish for some time, and quite frankly nothing has changed at this juncture. We have the 50 Day EMA Crossing above the 200 Day EMA at the crucial ¥150 level, kicking off the so-called“golden cross” that longer-term traders will quite often pay close attention to. Because of this, I think a lot of traders will be looking to take advantage of the overall momentum and the overall uptrend to ride this pair higher.
EURUSD Chart by TradingView
Quite frankly, as you get paid quite nicely to hang on to this pair for the longer term, there's no real reason to think of anything other than buying it. Short-term pullbacks should continue to attract a certain amount of attention as well, so keep that in mind.
Ready to trade our
daily forex forecast ? Here are
Japan's Best Forex Brokers
to choose from.
MENAFN14112024000131011023ID1108887688
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.