USD/JPY Price Forecast – US Dollar Choppy Against Yen

The US dollar has gone back and forth during the course of the trading session on Tuesday, as we trade between ¥109 on the bottom, and ¥110 on the top. With this being the case, it looks as if we are simply trying to figure out where to go next. With that in mind, I think it is only a matter of time before we find buyers just below the ¥109 level, as you can see there is a huge cluster of noise just below there. Because of this, I think that this will end up being a nice buying opportunity if you are patient enough. However, if we were to break down below the bottom of that cluster, then we will go looking towards the 50 day EMA underneath which is near the ¥108 level.

USD/JPY Video 14.04.21

Looking at the charts, the highs were near the ¥111 level. This is an area that if we were to break above it would be extraordinarily bullish for this pair, sending it towards the ¥112 level. Because of this, I do believe that we are looking at a scenario where we eventually get some type of move higher, but perhaps waiting on a little bit of value might be the way to go going forward. After all, the market had shot straight up in the air for quite some time, but markets cannot go in the same direction forever. We need to see these little pullbacks in order to get involved so that we do not end up chasing the trade. A little bit of patience will probably go a long way in this pair currently.

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