FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
USD/JPY daily chart, May 09, 2018
JPY Notes

The US dollar has bounce around during the session on Tuesday, just as we had seen on Monday. The market seems to be attracted to ¥109, which has been support in the past. I think if we can break above the ¥109.40 level, the market will make another attempt to try to break the ¥110 level, an area that continues to be very important from both a psychological standpoint and of course the structural standpoint. If we can break above the ¥110 level, then the market is likely to go to the ¥110.50 level after that. I believe that short-term pullbacks will probably continue to be buying opportunities, as I also see support at the 180 in level, and of course the ¥107.50 level underneath.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

It’s at the ¥107.50 level that I think we will see a hard “floor” in the market, and therefore it’s going to be difficult to break down through there. I believe that a lot of value hunters will be attracted to that area, and I see a massive amount of order flow underneath that level. It is because of this that I continue to look at this market as one that you can buy on dips, because it has so much support underneath. I believe it’s going to take a significant amount of momentum to break out, and because of this I expect to see several attempts before we are successful.

USD/JPY Video 09.05.18

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker