The $USDJPY has climbed the past few trading sessions and price velocity upwards increased yesterday as the Forex pair tested higher values seen ten days ago.
has climbed the past few trading sessions and price velocity upwards increased yesterday as the Forex pair tested higher values seen ten days ago.As of this writing the USD/JPY is near the 141.900 level with fast conditions quite apparent.
Yesterday and early today’s trading has shown few signs of the USD/JPY ‘needing’ to revert to its lower realms. The 142.000 ratio is likely now the main attraction for speculators and should be monitored. Having climbed above the level yesterday, the USD/JPY was pushed lower. If the 142.000 mark is achieved again and momentum continues higher this would worry bearish traders.As Forex volumes become lighter late tomorrow and later this week, the USD/JPY could grow extremely quiet.
Risk management will be crucial the remainder of the week. Traders need to be prepared for price action that goes against their perceptions.While the currency pair has seemingly run into strong support around the 139.000 level and reversed higher, the question is if upwards momentum will continue or if it will run out of power.
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