USD/JPY Forecast 26/09: Can Bulls Target 152? (Video)

(MENAFN- Daily Forex)

• The U.S. dollar rallied significantly during the trading session here on Thursday, as we have broken out of a major consolidation area.
• By doing so, it's likely that the U.S. dollar will continue to strengthen against the Japanese yen as traders continue to look at this through the prism of a market that is an interest rate differential that is a little too strong to ignore short-term pullbacks more likely than not.
• We'll see support near the 149 yen level.

By doing so, I think it offer value for those who may have missed this initial breakout earlier today. It certainly looked like we were pressing on that level, but the GDP numbers coming out hotter than anticipated in the United States has a lot of people jumping into the greenback.

I Won't Short this Pair

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I don't have any interest in shorting this pair. I haven't had any interest in shorting this pair for quite some time. Now the question is, can we break above the 151 yen level? This pair could really take off. Based on the measured move of the consolidation area of 300 pips, that allows, at least in theory, a move to the 152 Yen level.

EURUSD Chart by TradingView

All things being equal, we are also getting ready to see 50-day EMA cross above the 200-day EMA, kicking off the so-called Golden Cross. Again, you get paid at the end of every day to hang on to this pair, and I think that's exactly how this is going to play out as we will continue to collect swaps at the end of the session each day. Ultimately, I think this pair has a lot of momentum just waiting to be released, and I think we are about to see that come to fruition. I also see US dollar strength in other pairs, adding to the signal.

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