US dollar rallied slightly on Tuesday after dipping overnight. As we see the greenback rise against the Japanese yen, the ¥107.50 level comes into play.
The US dollar has rallied against the Japanese yen during trading on Tuesday, showing signs of extreme strength after initially dipping. However, the 50 day EMA sits just above and it will more than likely cause some issues. With that being the case, I do believe that it is only a matter of time before we pull back again. There is a massive amount of resistance between the 50 day EMA and the 200 day EMA, and I do not think that is going to change in the short term. With this in mind I like the idea of selling signs of exhaustion on short-term charts, but for a short-term trade only.
The longer-term outlook for this pair is a bit more mixed, as we have a huge triangle being formed. This triangle could lead us to the next major trend, but we are seemingly light years away from breaking out of it. Because of that, I would not be overly concerned about it but just be cognizant of the fact that it exists. In the short term, I would anticipate a pullback sending this pair back towards the ¥106 level. That is an area that we have recently formed a small “double bottom” at, so do not be surprised at all to see it attract a certain amount of attention.
As far as the upside is concerned, if we broke above the black 200 day EMA, then we might see a move towards the ¥110 level, but I believe that is much less likely than the pullback outlined above.
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