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has spent the better part of the last month rising, as we head into 2023. I would expect more of that behavior, but keep in mind that the 1.08 level could cause a bit of a problem. Because of this, the market is likely to remain a bit skittish, and of course, with the jobs number at the end of the week, that will have a major influence on where we go next. If we can break above the 1.08 level, then it’s a very bullish sign that could send this market to the 1.10 level.
Alternatively, we could see a slightly positive week that rallies toward the 1.22 level, keep in mind we have the jobs number on Friday and that will probably have a lot to do with where we go next as well.USD/JPY initially tried to rally for the week but seems to be struggling as we continue to see the Japanese yen recover. After the Bank of Japan decided to allow its interest rates to rise all the way to the 50 basis points level, traders started to speculate that perhaps the Bank of Japan will have to allow those rates to rise even further, perhaps even raising rates once or twice during the year.
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