The USD/JPY pair gapped higher at the open on Monday, which of course is a very bullish sign. However, just as we did on the Friday session, we turned around to form a shooting star. I think this means that we will continue to drop from time to time, but find buyers as we trying to push the value of the US dollar higher. We will be attracted to the 115 handle, and currently it looks as if the 114 level is offering just a bit of resistance. The pullback that we have seen recently was reasonably significant, but at the end of the day it was still just a moved to the 38.2% Fibonacci retracement level.
USD/JPY and NZD/USD Forecast - 14 February 2017
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex...
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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.