Canada markets open in 2 hours 41 minutes
  • S&P/TSX

    20,490.36
    -111.74 (-0.54%)
     
  • S&P 500

    4,432.99
    -40.76 (-0.91%)
     
  • DOW

    34,584.88
    -166.42 (-0.48%)
     
  • CAD/USD

    0.7798
    -0.0035 (-0.45%)
     
  • CRUDE OIL

    70.49
    -1.48 (-2.06%)
     
  • BTC-CAD

    57,324.64
    -4,699.06 (-7.58%)
     
  • CMC Crypto 200

    1,116.29
    -109.24 (-8.91%)
     
  • GOLD FUTURES

    1,759.40
    +8.00 (+0.46%)
     
  • RUSSELL 2000

    2,236.87
    +3.96 (+0.18%)
     
  • 10-Yr Bond

    1.3700
    0.0000 (0.00%)
     
  • NASDAQ futures

    15,164.75
    -161.25 (-1.05%)
     
  • VOLATILITY

    24.88
    +6.19 (+33.12%)
     
  • FTSE

    6,856.72
    -106.92 (-1.54%)
     
  • NIKKEI 225

    30,500.05
    +176.75 (+0.58%)
     
  • CAD/EUR

    0.6654
    -0.0023 (-0.34%)
     

USD/JPY Price Forecast – US Dollar Threatens 109 JPY

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

The US dollar rallied significantly during the course of the trading session on Thursday to test the top of the shooting star from the previous session, suggesting that we are going to try to break above it. If we do, that would be an extraordinarily bullish sign, and could send this market towards the ¥110 level again. This is probably not about the US dollar, but more or less about the Japanese yen as it is getting hammered by several different currencies right now.

USD/JPY Video 30.04.21

The 50 day EMA is currently offering support, and it does look like the market is respecting that. Furthermore, the 38.2% Fibonacci retracement level has offered support, and we did form a couple of hammers in that general area. That being the case, I think that the uptrend can continue, but if we were to break down below this hammers, that could open up a move down to the 200 day EMA.

Ultimately, I think that the Japanese yen is a currency that is going to be in trouble going forward, due to the lack of yield coming from the bond market. With this being the case, I do look to buy the dip in not only this pair but multiple other ones like the AUD/JPY, NZD/JPY, and even the lowly CHF/JPY pairs. With this being the case, I think that we have much further to go, and, in this pair, I suspect that ¥110 will be the next target if we can break above that shooting star.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting