The USDJPY currency pair was a huge gainer last week, and at one point the Yen had lost more value against the Dollar than any other currency over the week: Forex Trading Forecast
, and the week’s rise came after the price rejected the support level below just under 105.00 a few weeks ago. These are all bullish signs, and with the chair of the Fed giving a very hawkish speech the week before last about the need for more rate hikes to fight US inflation, and the fact that the US economy is still generating new jobs at a healthy rate, the bullish technical picture is supported by sentiment and monetary policy fundamentals.
The strength of the US Dollar and the technical breakdown we see here, plus fundamental headwinds against the Euro, see. However, it is probably helpful to use relatively wideLast week saw the GBP/USD currency pair print a large bearish candlestick which closed right on its low, suggesting strong bearish momentum.
The British Pound is troubled by fundamental woes, including new increased inflation figures above 10%, and a Bank of England forecast of a coming recession which will last for five quarters and see GDP shrink by 2.2%. for the British Pound, as using ATR 1 has over the years produced much better results than the more typical ATR 3.The USD/JPY currency pair was a huge gainer last week, and at one point the Yen had lost more value against the Dollar than any other currency over the week, but the price pulled back significantly as the week ended.
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