The USD/JPY pair gapped higher at the open on Monday, which of course is a very bullish sign. However, just as we did on the Friday session, we turned around to form a shooting star. I think this means that we will continue to drop from time to time, but find buyers as we trying to push the value of the US dollar higher. We will be attracted to the 115 handle, and currently it looks as if the 114 level is offering just a bit of resistance. The pullback that we have seen recently was reasonably significant, but at the end of the day it was still just a moved to the 38.2% Fibonacci retracement level.
USD/JPY and NZD/USD Forecast - 14 February 2017
Senior Technical AnalystChristopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for tra...
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Senior Technical AnalystChristopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for traders who rely on technical setups to navigate volatile market conditions
As seen on: Pairs Of Aces Podcast,The Trader Guy, FXEmpire