The USDJPY rallied significantly during Monday's trading session- trading forextrading
currently resides. The moving averages are starting to drop, and it will be interesting to see if this has a significant impact on the market.The ¥127.50 level has offered significant support, and a double bottom has formed, indicating that the market is still bullish.
However, if the market breaks down below this level, it could trigger significant selling. In fact, it could open up a multi-handle move, but that does not seem like something that will easily happen anytime soon.Investors should expect volatility in the market, and a "buy on the dip" mentality is likely to persist.
Overall, investors should monitor key support and resistance levels, including the ¥130, ¥132.50, and ¥133.50 levels. The market is likely to be volatile, so it is essential to keep an eye on market developments and key indicators, which of course most important would be the interest rate situation as the Bank of Japan and its yield curve control program continues to be a major driver of what happens with the Japanese yen against all currencies, not just the US dollar.
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