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#USDJPY could be one to watch for bearish opportunities this week as risk sentiment is rising in the markets.

Watch the video to learn more…

USDJPY Analysis

forex chart of the day usdjpy

The USDJPY price is one to watch this week as the risk sentiment continues to grow in the market. The uncertainty surrounding the new Covid Variant Omicron is keeping the market daily range bounce as they wait for further updates. 

Seasonally the USD is bearish through the month of December and the recent price action on the USD Index  suggested the market could reverse. The market also rushes to safe havens in these current conditions and the JPY could continue to strengthen.

Looking at the technical analysis the market is in a strong upwards trend on the weekly time frame however the recent rejection of the 115.00 suggests the market is going into a retracement phase. When the market moves into a retracement phase in an uptrend the market forms lower highs and lower lows on a 4hr time frame. This could offer us some bearish opportunities in the short term with the price potentially moving back down to the key swing highs at 112.00.

Have you seen our GBPUSD analysis?

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