USD/JPY Price Forecast – US dollar falls to close out the week

The US dollar has fallen a bit during the trading session on Friday, reaching down towards the ¥106 level again. This is an area that has been resistance, and of course we do have the 50 day EMA in that area that continues to pressure to the downside. I believe that this market will ultimately find reasons to sell off and that area, because the US/China trade relations still are worked out. Beyond that, the Japanese yen is a bit of a safety currency so it makes sense that it will continue to attract a lot of attention. At this point, the global situation continues to be a bit of a mess. With that being the case, it makes sense that we will see the Japanese yen sooner or later pick up a bit of a bid.

USD/JPY Video 02.09.19

Rallies at this point are to be sold, but I also recognize that the ¥105 level underneath is massive support, so it’s only a matter of time before that would offer a bit of support. I think that once we get through the jobs number next week, it’s very likely that this pair will make some type of decision. With that being said, in the meantime you should be looking at a range bound system more than anything else. I believe that trading the 200 point range is probably the only way to deal with this market unless of course there is some type of change in global sentiment or some type of headline out there that changes everything in general.

Please let us know what you think in the comments below