USD/JPY Price Forecast – US dollar runs into resistance
The US dollar rallied a bit during the trading session on Friday but continues to see a lot of resistance at the ¥109 level. With that being the case, it’s very likely that we will see this market struggle and roll over a bit. I think ultimately this is just more consolidation waiting to happen, so don’t be surprised at all to see a move towards the ¥108 level. Alternately, if we were to break above the top of the shooting star for the candle stick on Friday, then we could go much higher as it would shatter resistance and open the floodgates. I think at this point; the market is probably going to go towards the ¥109.70 level.
USD/JPY Video 29.07.19
When we do pull back from a shooting star, that’s typically a very sign but this is a market that has been grinding back and forth. The ¥180 level should be somewhat supportive, but below there the ¥107 level after that is even more supportive. Ultimately I do think that this market probably breaks out to the upside, as we try to form some type of stability and a pair that is very sensitive to risk appetite. With that in mind pay attention to the overall attitude of stock markets and the like, as this pair tends to move in the same general direction. With that in mind, I like the idea of buying dips more than trying to short this market. I especially like the idea of breaking above the resistance as it would be a very strong signal.
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