The US dollar has pulled back a bit during the trading session on Tuesday, but then turned around to show signs of strength again to form a bit of a hammer. The market looks as if it is trying to build a significant amount of pressure to finally break above the ¥115 level, and you can see that the Japanese yen is getting hammered across the Forex world, and therefore this is probably more about the yen than the dollar. In fact, the dollar has been very weak against most currencies during the day, so this shows just how poor the Japanese yen is performing.
The USDJPY pair’s recent trades are constrained within bullish flag pattern that appears on the chart, thus, the price needs to beach 114.35 to get positive motive that push trades to resume the bullish trend, which its next target located at 114.70.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.