USD/JPY Rate Forecast: Looking Free To Rally As Pair Tests Ichimoku

April 24, 2018



  • USD/JPY Price Forecast: JPY weakness may accelerate on break > 100-DMA at 109.01

  • Options premium shows waning premium to protect against JPY strength lifting USDJPY

  • USD/JPY Rate Insight from IG UK: changes in retail sentiment favors price declines


On Tuesday, April 24, the US Treasury 10-Year note yield topped 3% for the first time since January 8, 2014. As the yield on the note began to break higher thanks to a confluence of rising commodity prices and declining risk premium, eyes rightfully turned to USD/JPY that appeared artificially low.


Now, looking to other factors, the upside for USD/JPY may still likely be in the works. While you can say the US Dollar is stretched in the short-term per short-term momentum readings, traders would also do well to recognize the aggressive institutional short-US Dollar positions that would need to unwind if the USD strengthens further. Should an unwind happen on the USD short trade, which could happen fast, USD/JPY looks to be a favorable place to see the unwind play out in FX.


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