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Christopher Lewis

The US dollar has done extraordinarily little against the Japanese yen during the trading session on Thursday as we continue to dance around the 50 day EMA. At this point, the market is simply asleep and trying to figure out what it wants to do next. Overall, I do think that we have a big move coming but right now we clearly do not know what to do. I think at this point we are more than likely to see markets continue to chop back and forth around the ¥107.50 level, an area that has been like a magnet for the markets.

USD/JPY Video 17.07.20

The 50 day EMA sits right there at the ¥107.50 level as well, so I think it is going to continue to be an important part of this chart. With that in mind I am willing to take advantage of a short-term scalping opportunity if and when it shows up, as it has been so reliable in general. I do believe that ultimately this is a market that will offer short-term trades more than anything else, so if you have the ability to sit there and watch the charts for the rest of the day, it is a great opportunity to trade back and forth. This allows for levering up your position size, but keep in mind that sooner or later we will break out of this range and get a bigger move. If and when that happens, it could be quite drastic. With all that being said, I remain rather neutral in this market.

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

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