USD/JPY Price Forecast – US Dollar Continues to Tighten Range Against Japanese YenThe US dollar has rallied just a bit during the Japanese yen during the trading session on Tuesday as the ¥110 level continues to be an area of interest.
The US dollar has rallied again during the trading session on Tuesday as we are slightly above the ¥110 level. This market should continue to be very noisy, and it looks as if we are trying to stay in a relatively tight range that we have been in. If we can break above the ¥110.75 level, then it would be a very bullish sign, perhaps reaching towards the ¥112 level. On the other hand, if we were to turn around and break down below the ¥109 level, then it opens up a lot of selling pressure. At that point, it is likely that we go looking towards the 200 day EMA.
USD/JPY Video 15.09.21
At this point, I think we continue to see a lot of confusion going forward and therefore I think more of the same can be expected. Quite frankly, it is not until we get some type of larger impulsive candlestick that I would be comfortable putting any serious amount of money in this market. However, if you are more of a short-term day trading type of person, then you could have an opportunity to be range bound systematically pressure in this market in both direction.
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As far as some type of catalyst to get going, I am not sure what it will be because quite frankly this market has been asleep for about six months. This pair does do that occasionally, and then suddenly breaks out or break down drastically. This is one of those things that once it happens, you will be aware of it as it becomes very obvious to everyone.
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