FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
43,062,591Confirmed
1,156,270Deaths
31,742,791Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
USD/JPY

The US dollar pulled back a bit during the trading session on Monday in the early hours, but there does seem to be a significant amount of support underneath that should continue to show a certain amount of resilience. The ¥107 level underneath should offer plenty of support, just as the ¥108 level above has offered significant resistance. All things being equal, the market does look like it is try to figure out where we are going next but I would also point out that the pair is highly sensitive to risk appetite, and therefore it is possible that we may go up or down depending on that.

USD/JPY Video 02.06.20

If we were to break down below the ¥106.90 level, then the market is likely to go looking towards the 160 and level. On the other hand, if the market were to break out above the ¥108 level, then the market will have to deal with the 200 day EMA. All things being equal though, the one thing you could probably count on is a lot of choppy behavior, so I would not put too much money into this pair until we get some type of impulsive candle.

However, if you are a short-term trader you may be able to trade back and forth. Ultimately, the 50 day EMA seems to be a magnet for price as well, so that should be paid attention to also. All things being equal, if you are looking to scalp the market, then this might be the best place to be involved in. At this point, the market has been very noisy, and I suspect that continues.

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