Bloomberg: yen bulls see opportunity for further gains

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Source: Bloomberg

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.


USD/JPY



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.

 

Forecast:

Sell USD/JPY.

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