USD/JPY Midday Technical Analysis November 2

The US dollar has gone back and forth against the Japanese yen in a very volatile manner as you would expect, can sit during that the jobs number came out a little bit hotter than anticipated, this might be a bit of a surprise. However, the market has been very choppy as of late so at the end of the day I think this is one of those situations where we have gotten the economic announcement out of the way, and now traders can start to focus on the overall geopolitical concerns, interest rate differentials, and other macroeconomic variables as per usual. With that being said, I think there is still more upside potential than down, especially considering the indigenous rates in the United States should continue to climb overall.

USD/JPY Midday Video 02.11.18

The US dollar has been the darling of the Forex world as of late, and I think that’s going to continue to be the case. Overall, there are far too many issues in the world right now to think that people will be comfortable putting money towards other countries, although the Japanese yen is somewhat of a safety currency. Interest rate differentials continue to favor the US dollar in this pair, and many others. With that being the case I think we will make a run towards the ¥113.50 level, which sees a significant amount of resistance. Beyond that, the ¥114.50 level is extraordinarily resistive as well, and I think it’s going to take a lot to break through there. I have no interest in shorting this market.