Back to Blog

USD/JPY : Further upside in the near term towards 97.85.

With the USD Dollar posting its biggest drop in nearly three weeks on Monday, the greenback was in corrective mode in overnight trade, with the USD/JPY mounting a recovery. At 97.08 at the time of writing, the bulls are in full control of the market this morning and seem willing to push it higher. We see further upside potential in the near term that could bring us as high as 97.85. However, it is worth noticing that we are in a clear bear trend since the beginning of September and we therefore expect such rallies to be seen as good selling opportunities by longer term traders. A test of key resistance at 97.85 is more likely to cause a pullback, rather than a confirmation of a long term trend change.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit.
Disclaimer
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

Share this post

Back to Blog

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.