The Dollar
keeps gaining strength versus most of the major currencies, especially versus
the Yen, after the better than expected Gross Domestic Product report out of
the United States. The data shows that the US economy has been expanding at a
sustainable rate and this may prompt the Federal Reserve to raise its interest
rates.
On the
daily chart below of the USD/JPY we can see that the price has been trending
higher with a strong bullish momentum and it may try to touch the 103.00 level.
On the previous visit of the price to that level, the pair bounced rapidly to
the downside from there, but this time around we must be careful, because if
the fundamentals out of the US keep coming out better than expected, then the
pair may try to break above the 103.00.
the positive USD data and negative Japanese data yesterday can drive the price to that level
ReplyDeleteUsd/jpy has traded above the 102 level finally. However, there is a significant amount of resistance just above, and is not going to get back to the 103 level without a fight.
ReplyDeletethe usd is strong so it will go positive helpful information
ReplyDeleteI agree with you guys.
ReplyDeleteAn impressive breakout!
ReplyDeleteGood point, now I want to be watching developments.
ReplyDeleteVery nice post, thank you.
ReplyDeleteGood analysis. And looks like the 103 will be reached soon.
ReplyDelete