USD/JPY Weekly Price Forecast – US Dollar Continues to Power Higher

US Dollar vs Japanese Yen Weekly Technical Analysis

The US dollar initially pulled back during the course of the week against the Japanese yen but then turned around to show signs of life on Friday especially, as the jobs number was much more hawkish than anticipated. Because of this, it looks like we are going to attempt to break out above the recent highs, where the Bank of Japan intervened. This is not necessarily a “line in the sand” for the Bank of Japan, just that they did not like the rate of change. When a central bank intervenes, is very rarely at a specific price, but more alas to make the market slowdown.

After all, the Federal Reserve continues to tighten while the Bank of Japan continues to buy unlimited bonds, which is the same thing as printing unlimited currency. Because of this, I think it is essentially a “one-way trade”, but we will have the occasional pullback. Those pullbacks should be thought of as buying opportunities or value if you will, as the US dollar is so highly sought after. Ultimately, I think this market goes to the ¥147.50 level, and then eventually the 150 and level. The only thing at this point in time that you need to think about is whether or not you can find value on some type of dip?

That will be the play, and I believe that there is a major support level down at the ¥142.50 level, and then again at the ¥140 level. This market continues to be very noisy, but most certainly positive to say the least. I do not have any interest in trying to fight this trend.

USD/JPY Price Forecast Video for 10.10.22

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