USDJPY rides high but will it last?
“US dollar remains dominant as Fed feeds the market with new signs of hope.”
Greenback stood tall against other major currencies, buoyed by hawkish comments from the Federal Reserve which sparked a change in sentiment within the market. Last Wednesday, Minneapolis Fed President Neel Kashkari commented that they could raise interest rates further if inflation continues to hover at high levels. Likewise, Atlanta Fed President Raphael Bostic stated that the key focus of them is to control inflation, signaling urgency to keep price of goods under control.
Quick recap on USDJPY
The pair remains tilted towards the upside as it rises exponentially, closing above several key resistance levels.
USDJPY Weekly Technical Analysis
From weekly perspective, bullish momentum remains prominent as the pair extended its climb.
USDJPY Daily Technical Analysis
Similar price action can be observed from the daily perspective, with investors waiting for a confirmatory close above 150.70.
Trading Idea
ORDER: BUY STOP
ENTRY: 152
STOP LOSS: 150
Target 1: 154
Target 2: 155
ZFX Analyst’s Comment
The pair is expected to extend its gains upon a close above nearest resistance level. Thus, we will need to wait for conformation before entering the market.
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Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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