FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
96,722,113Confirmed
2,068,146Deaths
69,416,699Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
USD/JPY

The US dollar initially tried to rally during the trading session on Wednesday in the early hours but gave back the gains in order to continue the longer-term downtrend. Ultimately, this is a market that looks likely to go looking towards the ¥105 level yet again. This is an area that has been important more than once, so it makes quite a bit of sense that we would continue to see noise in this area.

USD/JPY Video 15.10.20

That being said, the market has broken down below the level before, so I think it is only a matter of time before we reach below there again and go looking towards the ¥104 level, which of course was the recent lows. At this point, breaking down below there then opens up the possibility of a much lower level. At this point in time, the market will then go looking towards the ¥102 level, which was an extreme low at that point in time.

Advertisement
Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

I have no interest in trying to buy this market, due to the fact that the Japanese bond market pays more of a return than the US one, and of course the currency markets pay close attention to that. With that being said, we continue to fade short-term rallies as they offer a bit of value when it comes to the Japanese yen. Ultimately, this is a market that I have no interest in buying due to the fact that the trend is so well ensconced, but I also recognize that the market is short-term focus more than anything else.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US