USD/JPY Price Forecast – US Dollar Slams Into 140 Level

US Dollar vs Japanese Yen Technical Analysis

The US dollar has initially tried to rally during the trading session on Friday but found the ¥142.50 level to be a bit too much to overcome, and then slammed into the ¥140 level after that. In fact, we broke down below there, so now the question is whether or not the buyers will keep this market afloat? It certainly is an area that I think people will be paying close attention to, as it is a large, round, psychologically significant figure and an area where we had seen resistance previously. Because of this, it does make a certain amount of sense that we would see this market pay close attention.

Furthermore, a lot of this comes down to the inflationary numbers in the United States coming down a bit and being a little less aggressive than people thought they would be. At this point, everybody is thinking that the Federal Reserve is going to pivot, which of course is nonsense. However, this has had a massive effect on the markets over the last couple of days, and therefore it does make sense that we get this little bit of pull back.

From a longer-term view, this pullback was desperately needed, and is starting to offer “cheap US dollars.” Because of this, I will be looking for an opportunity to get long of this market again, but I also recognize that it may take a couple of days to shake everything out. With that in mind, I look at this through the prism of finding value, because even though inflation was lower than anticipated in the US, 7.7% year-over-year is still miles from where it needs to be.

USD/JPY Price Forecast Video for 14.11.22

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