The United States dollar posted another rise on Tuesday, despite the fact that general market behavior remains very volatile. Having said that, the upswing has been pretty strong for many months, so it does make sense that we would see whether this market via the lens of the Bank of Japan continues to battle the general interest rates increasing, which in turn puts downward pressure on the Japanese yen as a whole. On the other hand, the United States dollar has quite a bit of momentum owing to the fact that the Federal Reserve is likely to continue to tighten monetary policy. This is one of the main reasons why the US dollar has been doing so well recently.
The level of 130 is now acting as the “floor in the market,” since the 50 Day EMA has reached that level. The 50-day exponential moving average (EMA) continues to attract a lot of attention over the longer period, as seen by the fact that it has served as dynamic support on many occasions. The market retracing its steps to that level may be seen as the value play that everyone is after; however, the issue of whether or not they really get it is an entirely another one. The market seems to be headed toward the level of 137.50 during the next few trading sessions, and after that, it may attempt to hit the level of 140.

The price is trading above the Pivot Point of 136.23, which is located at 136.05 and 136.42, respectively. The EMA 10 is advancing upward above both the EMA 100 and the EMA 200. Both the 100 and 200-period EMAs are moving with uptrend. When the RSI is going toward the 70 level, the MACD histogram moves into the green zone with the signals showing an upward momentum. And the Stochastic is moving in the overbought zone with a sell signal. There is not a clear signal in the ADX. The price is above the Ichimoku Cloud and the Chinkou Span is far from the market price. A bullish trend may be seen in the Tenkan and Kijun-sen indicators.

• There is resistance at 136.42, followed by resistance at 136.60 and 136.79.
• There is support at 136.05 Below, there is 135.86 and 135.68.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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