Bullish traders have extended to push the USD/JPY currency pair higher this week. The US Dollar has surged by 2.15% against the Japanese Yen since April 23rd. Everything being equal, the USD/JPY exchange rate broke out of the falling wedge pattern and may continue to trend bullish during the following trading sessions, yet we expect a pullback to the monthly pivot point and the 200- period SMA first. The potential target for bullish traders would be around the monthly R1 level. However, if the price falls back and breaks the monthly pivot point and the support cluster provided by all the SMA’s, we could see another drop in the USD/JPY currency exchange rate in the shorter term.
All comments are my own personal views and do not constitute financial advice.
All comments are my own personal views and do not constitute financial advice.