The 27 November USDJPY Fundamental Drivers forecast shows dollar index edged slightly higher on Monday but remained in a firm downtrend extending all the way back to the start of the month.
27 November, OctaFX – The US dollar rallied slightly against the Japanese yen on Friday and what would have been relatively light volume as Americans were away celebrating the Thanksgiving holiday. The Yen has continued to range trade early this morning and is near 111.40 against the U.S Dollar. The Nikkei Index has seen some selling pressure, which may lead to some safe haven selling of the U.S Dollar against the Yen in the short term.
From a general viewpoint, It is reasonable to conclude that the market will plausibly continue volatile, as the US dollar is suffering at the hands of the U.S. Congress not being able to pass a tax bill.
Pay attention to the 10-year treasury notes, if the interest rates continue to climb, that should help the US dollar against the Japanese yen. I suggest that a small position is necessary until we get some type of clarity. As soon as we get the clarity, adding to your position as possible.
27 November USDJPY Fundamental Drivers Forecast
The USD/JPY edged slightly lower on Monday but continued to hover well above the 111.00 mark. The pair is currently trading at 111.37, with immediate resistance located at the 100 and 200 DMAs near 111.60. On the other side of the ledger, support is located near the 111.00 psychological zone.
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