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USD/JPY Price Forecast – US Dollar Continues to Break Higher

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The US dollar has gone back and forth against the Japanese yen during the trading session as it looks like we are trying to stabilize above the ¥115 level. Because of this, I think it is probably only a matter of time before we make a bigger move, as breaking above the ¥115 level is a big deal. Furthermore, you have to keep in mind that the Thanksgiving holiday will pull some liquidity out of the markets, so the next couple of days could be a bit squirrelly. Nonetheless, we are in an uptrend and have been pressing major resistance for quite some time now.

USD/JPY Video 25.11.21

At this point in time, it is very likely that any pullback will be bought into, as there will be a lot of “FOMO” out there, and of course traders tend to follow the herd, thereby causing an even bigger move to the upside. The ¥112.50 level continues to be a major support level, and essentially an area that I would consider to be the “floor in the market.” Furthermore, the 50 day EMA is above there and rising, so it will be a bit surprising to fall all the way down there, but anything is possible.

Nonetheless, I think at this point in time we are very likely going to go looking towards the ¥117.50 level, maybe even the ¥120 level. If you look at the longer-term chart, the area that we are trying to take out to the upside is a major resistance barrier, so therefore I do believe that we could be witnessing the beginning of a bigger move that is more about trend than anything else.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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