Forex forecast: Buy USD/JPY on dips - Trendsetter FX

Dollar-Yen pair has rallied more 500 pips from the September 27 low of 100.00.

The major part of the rally has been fueled by the heightened expectations of the Fed rate hike in December.

The question that traders are facing now is whether the Fed move has been priced-in? If not, then how high can the Dollar-Yen fly? - Watch the full video for the answers.

Wilson Leung, Director at Trendsetter FX explains the short-term and long-term technical chart of USD/.JPY pair. He is in favor of buying the pair on dips towards 104.10 for an objective of 105.80-106.00, but does not see a potential for a break above 106.50 this week.

On a larger time frame, Leung points to bullish indicators, but states a major trend reversal is seen only above 107.50 levels.

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