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Christopher Lewis
USD/JPY

The US dollar has pulled back a bit during the trading session on Wednesday, but then shot higher towards the ¥108 level. That is an area that causes quite a bit of resistance as you can see, and now it is a question as to whether or not we can continue to go higher? I am looking for some type of short-term signal to start selling again, but only for something like a 40 PIP move. I think that the market is essentially stuck between ¥107 level on the bottom, and the ¥108 level on the top. Because of this, I do believe that the markets are just going to go back and forth until something changes overall.

USD/JPY Video 28.05.20

However, even if we break above the ¥108 level, I find it exceedingly difficult to think that we will simply slice through the 200 day EMA which is at roughly ¥108.30 above. In other words, I think the market is essentially going to continue to see a lot of noise. The ¥107 level underneath being broken to the downside could open up the move down to ¥106, possibly even the ¥105. Overall, this is a market that as you can see is very noisy, and difficult to trade for anything more than a quick scalp. That being said, if you are an intraday trader you may find this extremely attractive sledding, as it makes for an easy ride for those of you who like small time frames.

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

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