USD/JPY Price Forecast – US Dollar Finding Support After Initially Falling Against Yen
The US dollar initially fell during the trading session on Thursday, reaching down towards the ¥103 level before bouncing a bit. At this point, the market looks as if it is going to try to bounce from here and go looking towards the ¥105 level again. That being said, it’s difficult to trade this pair with any type of confidence to the upside quite yet, but obviously we are seen a lot of noise. At this point in time, the market is likely to continue to be choppy going forward, as the uncertainty should continue around the world.
USD/JPY Video 13.03.20
The Japanese yen is of course a “safety currency” that people will have to pay a lot of attention to, as the Japanese yen is the “go to place” for people who are concerned about the global growth situation. At this point though, there is definitely going to be room for a bit of a relief rally and therefore I think that’s what we probably could see. That being said, I’m not necessarily looking to take that trade, I’m just aware the fact that we should get an opportunity to sell at higher levels. With this, it’s probably best to let any “rip your face off rally” work its way through the system before you try to start shorting again. If the market did break above the 160 and level, then we could go looking towards the ¥107.50 level which would be a short-term target, and then an area that could be sold from as it has a lot of historical action in that particular area.