Chart of the day: USD/JPY

Blake Morrow Forex Analytix

The USDJPY looks poised to break higher as the pair cleared a downtrend line from the June 2021 highs. The USDJPY looks to be tracking 10yr yields higher. However, with the pair quickly approaching the 61.8% retracement at the 110.50 level and horizontal resistance that has capped the pair since August, I may sit this one out. Good luck to those who think we are heading back to the 111.60 level.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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