Apecoin (APE) Price Remains at Risk Despite Crypto Market RallyApecoin (APE) Price Remains at Risk Despite Crypto Market Rally
USDCHF price action volatile but finds support at key technical levels today. What next?USDCHF price action volatile but finds support at key technical levels today. What next?

US Dollar vs Japanese Yen Technical Analysis

The US dollar has rallied ever so slightly during the trading session on Friday, as it looks like we are trying to break above the top of the weekly shooting star from last week. If we do break above the ¥152 level, then it’s likely that we could go much higher, perhaps reaching toward the ¥155 level before it’s all said and done. In this environment, I anticipate that we will continue to see a lot of interest-rate differential come into the picture, and underneath we have the ¥150 level offering a significant amount of support.

In general, this is a situation where the market continues to be one that people will be buying on dips, as the markets will continue to see the interest-rate differential drive this market much higher. The downside is protected by the 50-Day EMA, which has acted almost like a trendline. With this being the case, I think if we were to break down below there, we may see a little bit of a move lower, perhaps down to the ¥147.80 level.

All things being equal, I do think that you are just seeing a market that is trying to focus on the Bank of Japan, the fact that they have no interest whatsoever in trying to raise interest rates. All things being equal, the markets are going to continue to focus on the fact they get paid at the end of the day by holding this pair, and a lot of investors have been long of this market for some time.

The markets will continue to see plenty of interest underneath as the interest-rate policy in Tokyo is hampered by the fact that Japan is one of the most indebted nations on the planet. As interest rates rise, that will make debt a major problem in Japan, so despite the fact that the Bank of Japan will occasionally jawbone the markets, it doesn’t necessarily mean that they will actually ever do anything. A lot of this comes down to the Federal Reserve and whether or not interest rates in America continue to climb. At this point, it looks like they will stay elevated and therefore favor the US dollar.

For a look at all of today’s economic events, check out our economic calendar.

Source link

About the Author: Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share your opinion. And leave a reply within the comments from below.

All Crypto Coins here »