USD/JPY Price Forecast – US Dollar Continues to Struggle Against Japanese Yen

The US dollar has gone back and forth during the trading session on Thursday, reaching towards the ¥108 level yet again. That is an area that has been quite difficult for the market to get out of, as the ¥107 level has been massive support. Ultimately, this is a market that continues to be difficult to deal with for anything more than a short-term trade. Ultimately, the market will make a decision, but right now it is only deciding to go sideways. This makes quite a bit of sense that the market would do this, simply because the US dollar and the Japanese yen are both considered to be safety currencies, so that will continue to be a major issue to deal with.

USD/JPY Video 29.05.20

Looking at this chart, we are also right at the 50 day EMA, so that of course causes a lot of attention to be paid to the market there as well. Ultimately, this is a market that I think is eventually going to make an impulsive move, and when it happens it will be obvious. Those obvious impulsive candlestick should give us a heads up as to what to do next, so I will be watching that. Ultimately, this is a market that I think will eventually offer great returns, but we are nowhere near that right now. Short-term I believe that this is a market that simply offers a lot of back-and-forth trading which is perfect if you are a short timeframe type of person. Otherwise, you will probably have to wait.

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