USD/JPY Forecast 03/09: Bulls Defend 158

(MENAFN- Daily Forex) The U.S. dollar has fallen significantly against the Japanese yen during the trading session on Wednesday, slamming into an uptrend line. So ultimately, this now looks as if it is intervention from the Bank of Japan.

USD/JPY

The U.S. dollar has fallen significantly against the Japanese yen during the trading session on Wednesday, slamming into an uptrend line. So ultimately, this now looks as if it is intervention from the Bank of Japan.

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The 200-day EMA sits just below the uptrend line, and sits right around the 158 yen level. Ultimately, this is a market that continues to be of importance, and despite the fact that the market has seen this intervention, it has held up fairly well, all things considered. It certainly doesn't seem to pack the punch it once did. And quite frankly, we have a situation where traders will continue to be looking at the interest rate differential and recognizing they get paid at the end of the day of Japan Intervention and the 160 Level

Overall, the 160 yen level is an area where a lot of people have been watching. I think it does make a certain amount of sense that that large, round figure has caused a bit of interest. But if we were to take out the 160 yen level and the 50-day EMA, then that opens up the possibility of a move towards the 162 yen level. Ultimately, if we do break above there, then we really could go much higher.

Overall, this is a market that I've been long of for quite some time, and I've bought every dip, and that includes today. So, with that being said, I remain bullish. I continue to buy the dollar against the yen, and I just added after this. That's what I did after the last intervention, and it really hasn't changed my opinion.

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