(MENAFN- Daily Forex)

• Taking a look at the US dollar against the Japanese yen, the US dollar has initially fallen during the trading session on Thursday, which makes a certain amount of sense considering that there was a Bank of Japan meeting.
• So, people were a bit cautious. That being said, we turned around to show signs of life, and now we have exploded towards the 150.5 yen level.
• If we can break above the 151 yen level, then I think the US dollar really starts to take off against the Japanese yen, as the yen itself is in serious trouble from what I can see.

Measured Move Coming?

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If you take the measured move of the previous ascending triangle that we broke out of, we're probably looking at about 156.5 yen, all things being equal though. I think this is a situation where any pullback that we get will end up being a buying opportunity as the federal reserve looks likely to remain somewhat tight while the Japanese central bank has no choice but to be loose, as the bond market in Japan is in trouble recently. That being said, the jobs number on Friday morning may cause a bit of a pullback.

I look at that as an opportunity to get long yet again. I've got no interest whatsoever in shorting. I do think that the 148 yen level, which is also the two hundred day EMA will offer a significant amount of support. Again, I won't short this pair.

EURUSD Chart by TradingView

I believe that the us dollar is making a huge turnaround against most currencies, and the Japanese yen is especially vulnerable at this point in time. However, I also expect to see that the US dollar will more likely than not move in the same direction against almost everything.

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