Forex Top Team

Be careful of adjustments ahead of the weekend, and the USDJPY pair will seek downside support.

The dollar / yen pair has fallen sharply today. It has fallen from the level before 122.50 to the low 121 yen level. It is the first time that the price has fallen by more than 1 yen at a stretch in the rising phase from last week. It is the timing when it is easy to adjust the position from short-term sources ahead of the weekend. In addition, it has been pointed out that the market will bring in flows from actual demand sources ahead of the end of the month, the end of the quarter, and the end of the year.

The main theme of the dollar-yen exchange rate is that the difference in stance between the US and Japanese financial authorities is clear. Can we continue to ride this scenario in the future? Today is likely to be a development to find the bottom price of the adjustment phase.

The sharp rise in the dollar / yen pair began with the addition of the 116 yen level last week, and the 122.40 level that was added yesterday was the latest high. This half price level is around 119.20. 38.2% return is around 119.97. Around 120 yen, which overlaps with the psychological level, is likely to be a downside. If that’s too deep, yesterday’s low of 120.95 would be the closest downside.

The USDJPY pair has risen at a rapid pace, but it seems to be short of breath. It is assumed that the top price tends to be heavy ahead of the weekend.

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