Last week, after Chairman Powell’s speech at Jackson Hole, the dollar-yen first went up because people bought back the dollar, rising to 148.18. But then selling restarted. Worries about Federal Reserve Board (FRB) trust, after news about Governor Cook possibly being removed, and lower interest rates pushed the dollar-yen down again to 146.67, almost the same level as the recent low of 146.58.
This created a “double bottom” (two lows at a similar price). If it falls below this level, the price may drop further toward 145.80, which was the low on July 24.
This week, the result of the U.S. job report will be very important and may decide if the dollar-yen goes lower.
Today’s forecast range: 146.80 – 147.40 yen
This week’s forecast range: 145.80 – 147.80 yen
Note: This information does not guarantee profit. Please make your own trading decisions.