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As we dive into the technical analysis of the US Dollar vs Japanese Yen, it’s important to note the unique market conditions that have shaped recent trends. With Memorial Day in the United States and a bank holiday in the UK, liquidity was significantly impacted in the early hours of Monday. However, despite these factors, the overall bullish sentiment towards the dollar is evident on the charts.
One key level to watch is the 155 yen mark, which has served as a strong support zone in the past. The convergence of this level with the 50-day EMA adds further strength to this potential support area. On the upside, the 160 yen level stands out as a clear target, indicating a bullish bias in the long term.
It’s important to acknowledge that while the overall trend is bullish, the market is likely to be characterized by noise and choppiness. This presents challenges for traders, but the daily swap payments for holding onto this pair provide an incentive for institutional traders to maintain their positions.
At Extreme Investor Network, we not only analyze common technical indicators but also provide unique insights into market conditions that set us apart. Stay tuned for more in-depth analysis and trading strategies to help you navigate the complexities of the stock market with confidence.