DailyBubble News
DailyBubble News

USD/JPY Weekly Price Forecast – Greenback Continues to Terrorize The Yen

The US dollar has had a strong week against the Japanese yen, bouncing back after a scary week prior. The Bank of Japan intervened and pushed the pair down, but it quickly turned around after touching the 152 yen level, which had previously served as resistance.

The market broke out of an ascending triangle, moving towards the 156 yen level. Despite potential choppy volatility, the uptrend remains strong due to the interest rate differential between the two currencies. This makes holding onto the US dollar against the Japanese yen a profitable decision.

Many traders, including myself, have been long in this market for a while. The next target could be the 160 yen level, with the potential for even higher levels in the future. Based on the breakout from the ascending triangle, a move towards 177 yen is not out of the question.

Overall, the US dollar is expected to continue its upward trend against the Japanese yen, with potential for significant gains in the long term. Stay updated on economic events with our economic calendar.

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