USD/JPY Price Forecast – US dollar Continues to Fight to The Upside

The US dollar has pulled back a bit during the trading session on Tuesday against the Japanese yen, reaching down towards the ¥104 level before turning around again. At this point, it looks as if we are going to try to fight our way higher, but there is a significant amount of resistance above, especially near the 50 day EMA which currently sits just below the ¥105 level. That being said, I would anticipate that there should be a selling opportunity given enough time, but it is worth noting that the most recent low is higher than the one before. This means that we will have to make some type of serious decision rather soon, but let us be honest here, if this market were to suddenly become a bullish market you would have a long time to get involved.

USD/JPY Video 25.11.20

Looking at this chart, I believe that the 50 day EMA still shows a significant amount of resistance all the way to the 200 day EMA, and therefore I am still looking for selling opportunities either on short-term charts, or even on a daily chart. It is very likely that the Japanese yen will continue to attract more inflow, because there are a lot of risks out there, and of course there has been a lot of US dollar weakness in general. With this being the case, I still have a downward bias, but I recognize that now was not the time to be shorting a market that is clearly trying to rally again. With this being the case, it is a matter of being patient.

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