USD/JPY Price Forecast – US dollar choppy against Japanese yen
The US dollar has gone back and forth during the trading session on Tuesday, as we continue to see so much in the way of concern. With that, I think it’s only a matter time before we reach back down towards the ¥105 level, an area that will cause a certain amount of support. As we continue to consolidate between the ¥107 and the ¥105 levels, we are essentially waiting for the jobs figure on Friday before making a bigger move.
USD/JPY Video 04.09.19
To the upside, the 50 day moving average will continue to offer resistance near the ¥107 level, so therefore I think it’s yet another reason to expect selling pressure in that region. Ultimately, I think this is a market that will struggle going forward, especially with the US/China trade relations going so poorly. I think at this point it’s very likely that we will see an attempt to break down through the ¥105 level, and then towards the ¥102.50 level given enough time. Beyond that, I believe that we go down to the ¥100 level, which will more than likely attract a lot of attention from the Bank of Japan. I don’t know that they will intervene there, but they will most certainly say something. All things being equal, this is a market that should continue to find plenty of reasons to bang around in this range, and I think the markets will continue to be very noisy until we get the jobs number once we get the jobs number it’s very likely that we could get a bigger move.
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