The US dollar rallied slightly in Friday’s trade consultation as we continue to see a lot of choy noise in this market. The point of ¥110 has been a magnet for value and nothing on this chart suggests that it possibly will not continue. The 50-day EMA is just below the ¥110 point, so it’s not too unexpected that the market is heading to this area. If we can exceed the point of ¥ 110, then the point ¥ 110. 75 is also a resistance, and then we have the point ¥ 111. 50. Keep in mind that once we succeed at the highs again, we will have to pay special attention to the longer-term charts, because we have so many resistances going back several months.
USD/JPY has a strong correlation with threat appetite, so it also deserves a lot of attention. The NASDAQ 100 melted late on Thursday, causing some tension here. just move back and forth as we move on to the next long-term step. A drop below the ¥109 point may pave the way for new sales, but it also deserves to be on the mind that the 200-day EMA is also a bit below, so it can also offer some mental and structural support.
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This article was originally published on FX Empire
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