USD/JPY Heads for 110, As Buyers Remains Strong

USD/JPY turned quite bearish during last year, following the breakout of the coronavirus. It benefited as a safe haven currency during times of uncertainty, falling nearly 10 cents from the top to the bottom, until the first week of January this year.

But, the decline in the USD stopped back then and safe havens turned bearish, as the global economy was recovering well, apart form Europe of course, where restrictions keep increasing out of proportion, hurting certain parts of the economy, especially services.

The bullish momentum has been quite strong since then, showing great strength from USD/JPY buyers. The price is around 7 cents higher now, as it heads for 110. We saw a slight pullback last week, which ended as soon as the 100 SMA caught up with the price. Now USD/JPY is eyeing the the big round level at 110, which will likely break soon. We’re holding a bullish bias on this pair, so we will wait for another pullback lower in order to go long on USD/JPY.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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