Bullish Scenario, a sustained move over 110.693 will indicate the presence of buyers. The market is currently trading on the strong side of this zone, giving it an upside bias. By doing so, it looks as if we continue to find value hunters in this pair, and it also appears that we are trying to break above the major resistance level that I have marked on the chart. Also, you can pay attention to the stock markets for a bit of a heads up as to where we may go, as this pair does tend to follow the S P 500 over the longer-term. The Dollar/Yen is trading lower on Wednesday after Bank of Japan (BOJ) Governor Haruhiko Kuroda said the central bank was ready to ramp up stimulus if the stronger Yen derails the path toward its 2 percent inflation target. This article was originally posted on FX Empire. I think at this point we are very likely to see this market try to reach towards the 108 level, but it may take some time to get there. This week features the Federal Reserve, and its very likely that we will continue to see the Federal Reserve seemed dovish, which should be good for equities. The 111.50 level above is massive resistance, and I think its not until we break above there that I would be worried about the downtrend.
USD/JPY (Dollar to Japanese Yen) Forecast
USD/JPY - Dollar to Japanese Yen - FX Empire
USD/JPY Forex Technical Analysis February 20, 2019 Forecast
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This move will shift momentum to the downside. The main range is 113.710 to 105.180. In a bit of reverse psychology, this pair will rally due to the fact that it is a risk sensitive market. A trade through 110.255 will change the minor trend to down. Most pundits believe that the Japanese yen will do quite well during the 2019 year, and I can make a serious argument for that as well. Thats an area that will cause significant support, but if we break down below there its likely that we go to the 108.50 level, possibly even the 108 level. That of course is US dollar negative. That resistance level extends from 111.50 to the 112 level above there. A trade through 111.130 will negate the closing price reversal top and signal a resumption of the uptrend.
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