Author: Masaki Kondo
Article: Original article
Publication date: Friday, November 25, 2022
Traders are encouraged by the yen’s rise that used to be under pressure.
The dollar-yen pair broke its 2022 uptrend and fell through a closely watched technical support zone, known as the ichimoku indicator, which paves the way for further declines. The yen has risen nearly 9% against the dollar since its low in October, although it is still down 17% this year.
"Many people see a lower dollar-yen because of the strong sell signal from the ichimoku chart," said Yukio Ishizuki, a senior currency strategist at Daiwa Securities Co. in Tokyo.
According to Pepperstone Group Ltd., traders are keeping a keen eye on this month's lows for the dollar-yen pair, which break could start a bearish trend toward the pair's 200-day moving average.