USD/JPY Price Forecast – US Dollar Choppy Against Japanese Yen Still

The US dollar continues to be very choppy against the Japanese yen, as we see a lot of volatility in this pair. Ultimately, I do think that it is only a matter of time before we see a lot of inertia released, of course is a major factor in this market. With this being said, I do like the idea of looking at the ¥105 level as a massive support barrier, just as the ¥107 level is a massive resistance barrier the ¥106 level is an area that has caused some resistance as well. Ultimately, I think that you should keep in mind this is a fight between a couple of very loose central banks, and therefore it is going to be very difficult to trade for anything more than a short-term position.

USD/JPY Video 02.09.20

Looking at the overall attitude of the market, I think this continues to be a bit of a back-and-forth type of market, so if you have the ability to trade this market from a short-term timeframe, you may have the ability to pick up great profits going back and forth. If we were to break down below the ¥105 level, then it is possible we could go to the ¥104.33 level. A break down below there could send this market looking towards the ¥102 level. To the upside, if we were to break above the ¥107 level, we will probably try to grind it towards the ¥107.50 level.

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