$USDJPY FOREX Signal: Sees a Lift Early on Wednesday
provides support near the ¥133.50 level with the 50-Day EMA underneath. If the 50-Day EMA is ready to go higher, then it is likely that a floor will be established underneath, making this a “buy on the dip” market. However, the ¥135 level is likely to offer a lot of resistance, so it is unlikely that the market will easily slice through it.
Additionally, the bond markets around the world are affecting the USD/JPY pair due to traders betting on the Federal Reserve. The bond markets have been volatile, and this has contributed to the confusing state of this currency pair. Moreover, the technical analysis shows that the 50% Fibonacci level has served as a springboard, with a formation of a double bottom. If the market breaks down below this level, it could lead to a negative turn of events.
With the bond markets around the world contributing to the pair’s volatility, traders need to pay close attention to economic events that could affect this pair in the short term.Potential signal: The pair continues to see a lot of buying on the dip, and it now looks like the 135 level above is a target. If interest rates rise, this should only continue to push USD/JPY higher. At this point, the buyers are trying to take control. Going long is possible here, but if the market were to drop below 133.80 level, then it would be advisable to exit any long position. If the market gets above the 135 level on a 4 hour chart, I will add 20% to my position and aim for the 138 level.
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