USD/JPY Price Forecast November 8

The US dollar has gone back and forth during the session against the Japanese yen, which of course makes sense as we don’t really know what to do with the election results yet. Beyond that, you can see that I have a couple of clear support and resistance levels marked on the chart, and although we have an uptrend line we are essentially in the middle of those ranges. In other words, this is a great place to lose money because it is essentially a 50-50 shot at which direction we go. I would prefer to buy pullbacks that show signs of support closer to the ¥112 level, because it makes much more sense than trying to jump in front of a potential move into massive resistance at the ¥114.50 level.

USD/JPY Video 08.11.18

I look at pullbacks as potential value, and I think that the US dollar is starting to show signs of life against other currencies again, which probably will eventually come into show its proclivities here as well. However, I think in the short term we may have a lot more questions that we have answers around the world, and that being the case it’s likely that the best course of action in this market is to simply be cautious and wait for your opportunities at lower levels as it should give you more value. The candle stick of course shows just how undecided we are and therefore how difficult is going to be to make any money in this market in the short term.