USD/JPY Price Forecast November 9

The US dollar has risen slightly against the Japanese yen over the last 24 hours as we continue to grind higher. I think that’s probably going to be the case, but quite frankly this is not the place you want to start putting money to work, because we are so extended.
USD/JPY daily chart, November 09, 2018

The US dollar has rallied slightly against the Japanese yen and quiet trading on Thursday, but we are facing a significant barrier above in the form of the ¥114.50 level, that extends to the ¥115 level. Beyond that, we are heading into the weekend and it’s hard to imagine that a lot of people are going to suddenly jump into this pair and break out on a Friday. I suspect that we probably will be somewhat stagnant, slightly positive, or rollback. I am not expecting a big move to the upside. I still favor the longer-term uptrend but I also recognize that there is a lot to work through above. The recent selloff from that area reached down to the uptrend line and the 200 day EMA, so I think that we are still technically in a very strong trend, but we have a lot to deal with just above.

USD/JPY Video 09.11.18

If we do break the ¥115 level sometime soon, I think that we would probably go looking towards the ¥117.50 level, or maybe even the ¥120 level. Quite frankly, I would rather buy this pair again closer to the uptrend line, because it could give us quite a bit of value. Ultimately, I do think that we break out but it’s going to take a lot of momentum building. If we did break down below the 200 day EMA, then the market could break down even further. Interest rate differential should continue to push this market higher.

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