The US dollar rallied a bit during the trading session on Thursday as we
continue to see a lot of noise when it comes to the way the markets
have behaved. The biggest problem with this pair right now is the fact
that interest rates continue to rise in the United States, meaning that
it actually drives up demand for the US dollar, despite the fact that
stimulus is going to be so ridiculous. Nonetheless, there is a major
downtrend in this pair still so I would not be quick to jump in and
start buying.To get more news about
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USD/JPY Video 15.01.21
We currently trade right around the 50 day EMA, and that of course is
something worth paying attention to. It is a technical indicator that a
lot of people will use as dynamic support and resistance, so most likely
we will see a bit of a reaction given enough time. The area between the
50 day EMA and the 200 day EMA has been a huge wall of resistance over
the last year or so, so if we were to break above the 200 day EMA it
would make me stand up and take notice. Until then, I would look at
rallies as potential selling events, but I also need to see signs of
exhaustion before getting involved. Currently, this is a market that I
am essentially on the sidelines for, but I do think that we are building
up momentum to break in one direction or the other, so it is most
certainly worth paying attention to for a few days.
The Wall