Via TradingView Ideas
Yen Surges: Entry Point for USD/JPY Buyers Near 152.00
USD/JPY OANDA:USDJPY
Forex48_TradingAcademy
This week, the Japanese Yen is poised to deliver a remarkable performance against the US Dollar. The Yen has surged by over 3% following Japan's intervention to bolster the currency and the Federal Reserve's less hawkish tone. Around 152.00, not only is there a crucial level, but the 55-day Simple Moving Average (SMA) is also nearby, along with a long-term ascending trend line just below to provide support. This makes it the perfect entry point for any US Dollar buyer anticipating USD/JPY to head towards 160.00. Meanwhile, the US Dollar Index (DXY), which measures the value of the US Dollar against a basket of six foreign currencies, is losing ground around 105.00 as markets step back to avoid being overwhelmed by Japanese interventions. The weaker-than-expected Nonfarm Payrolls print in the United States has, in the meantime, pushed USD/JPY below 152.00 and has seen a significant number of US Dollar buyers stepping in to buy the dip at these levels.
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