Experts recommend going long of USDJPY this week following a daily (New York) close above this level.
the U.S. Dollar Index printed a large bullish candlestick which closed at a new 20-year high, in line with. This is significant as breaks to new high closes suggest the price will rise further over the coming days. However, note there is a large upper wick, and that the price did not advance on Friday, so we may have seen a climax suggesting the price will not rise further soon.
It looks wise to trade the US Dollar long over the coming week once it starts rising again on shorter time frames, at least until the release of US CPI data on Wednesday which could cause volatility in the Dollar.Recent weeks and months have seen a lot of strength generally in the US Dollar, but the Euro is also standing out lately as an especially weak currency due to concerns over the ECB running out of options to tackle resurgent inflation, makingThe price fell sharply last week, reaching a level close to parity, and making its lowest weekly close in 19 years. However, it is important to note that the daily chart saw the week conclude with a strong and bullishsuggesting we may be about to see a rise in the price.
having seen reversals in the Dollar’s major counterparties the EUR/USD and the GBP/USD, it may be that further Dollar strength will be expressed against other currencies such as the Japanese YenBreakouts are typically more powerful after periods of consolidation, and we have seen the price trade quite tightly below recent long-term highs.136.66 (ideally above the round number at
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