Analyst: USD/JPY is difficult to break through 78.00

On Thursday (November 24) in the Asian market, USD/JPY fell sharply and fell to the 77.00 level before recovering slightly.

On Wednesday (November 23), the U.S. dollar demand rose sharply, USD/JPY rose sharply, and once it rose to a two-week high of 77.57, there was a slight correction.

On Wednesday, German government bonds were auctioned. As a result, this auction became the most unsuccessful of Germany since the advent of the Euro. The 10-year annual average return rate was only nearly 2%, and the return was so low. Commercial banks only bought 36.44 billion euros of bonds, and the market risk increased sharply. They have bought safe-haven currencies.

Analysts pointed out that the USD/JPY support level is still above 77.10, and the hourly chart shows that the technical indicators are rising in the overbought area, but it is expected that the exchange rate will not be able to break through 78.00 as the material in the process of testing this point is expected to bear selling pressure.

Analysts said that the USD/JPY resistance is located at 77.50, 77.75, and 78.05 with support at 77.10, 76.75, and 76.50.

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