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The US Dollar is shifting momentum against the Yen


Fundamental Analysis

The Dollar broke above the bearish trend line amid fresh optimism on the economic re-openings world-wide.
Both stocks and yields rose on Friday, as the optimism generated by reports of the US-China trade talks and the decision by major nations to reopen their respective economies overshadowed the US jobs report.
The anti-risk yen is likely to remain under pressure after the reports that Japan is planning to lift the state of emergency.

Technical Analysis

The greenback finally was able to break above the bearish trend line along with the 50-period SMA, shifting the sentiment towards the bulls.
The bulls will gather further momentum on the break above 107 resistance level, pushing price higher towards the 107.40 and possibly the 200-period SMA.

Support: 106.50 / 106
Resistance: 107 / 107.40

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-us-dollar-is-shifting-momentum-against-the-yen-usd-jpy-market-outlook-11-05-2020
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