eToro : USD/JPY is ready to climb

The U.S Dollar – Japanese Yen pair had a significant rise after the positive US jobs news came out.

4H chart for EUR/USD

This pair may continue even higher, as long as the Bank Of Japan will keep weakening the Yen, however the 100 level seems to be a place of immense resistance, so we must wait for the pair to break through this barrier before having a strong BUY signal.

The 105 and the 110 levels are the first two targets that I feel very confident in, also because in the past weeks every little fall has been a buying opportunity for every trader, and the 95 level seems the solid floor for this pair, which is consolidating its path through the 97 and 100 level.

THe USD/JPY pair is without any doubt in his bullish phase, and any safe profits on short positions is unlikely, since the BOJ will continue to lower the Yen’s value. However, anypullback to 95 or 96 level will be an important signal for the buyers.

Written by @AndreaCarnimeo

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