FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
USD/JPY daily chart, September 04, 2018

The US dollar has gone back and forth over the last several sessions, and it looks as if we are trying to form some type of rising wedge. The rising wedge is a negative sign, but if we can break down below the uptrend line, the market could very well reach towards the ¥110.50 level again. Otherwise, if we bounce from here and break above the top of the rising wedge pattern, the market should then go to the ¥111.75 level. Ultimately, this is a market that continues to struggle to find its footing as it is so sensitive to global trade, which of course is a complete mess at the moment, or at least massively confusing. I think that the market will continue to be very difficult to trade, and until we get some type of clarity with the US and Chinese trade negotiations, this pair will probably continue to struggle.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Overall, at that point it’s likely that the pair will follow the fundamental interest rate differentials, meaning that the pair should continue to rally from there. If we can get some type of “melt up” in the S&P 500, we may see bullish pressure as well. At this point, it’s probably best to step away but if you are trading this market, you need to be thinking short term, and you need to pay attention to the ¥50 levels, as it seems like the market is very technically and short-term driven right now.

USD/JPY Video 04.09.18

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