USD/JPY Forecast: Continues to Wait for Jobs Number

sits just below the bottom of the recent consolidation area, and I do think that it is going to offer support. Furthermore, you also have the uptrend line underneath that continues to rally; therefore, I think eventually we will make another move to the ¥150 level. The ¥150 level is a large, round, psychologically significant figure, and will attract a certain amount of attention.

Because of this, the Japanese yen will continue to be like a punching bag against most currencies. Not only will we see the US dollar continues to strengthen against the Japanese currency, but several other ones are having a field day on it as well. Until the Bank of Japan changes its overall attitude, is difficult to imagine a scenario where we would have the Japanese yen appreciate any time soon.

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