USD/JPY Reaches Six Year Highs!
USD/JPY reached six-year highs and is currently testing fib resistance levels at 120.516 to move higher. If this first level of resistance is broken, the next level seems to be 121.607 and obviously new highs.
The reason we are seeing this rally is largely precipitated by the invasion of Ukraine by Russia, dollar weakness after the Fed hawkish tone as compared to BOJ’s dovish tone. Of course, all these factors will play into the direction and momentum of this rally moving forward.
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SUPPORT 1: $118.374
SUPPORT 2: $117.683
RESISTANCE 1: $120.516
RESISTANCE 2: $121.607
The reason we are seeing this rally is largely precipitated by the invasion of Ukraine by Russia, dollar weakness after the Fed hawkish tone as compared to BOJ’s dovish tone. Of course, all these factors will play into the direction and momentum of this rally moving forward.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
SUPPORT 1: $118.374
SUPPORT 2: $117.683
RESISTANCE 1: $120.516
RESISTANCE 2: $121.607
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