FXEMPIRE
All

USD/JPY Price Forecast – US dollar rallies on Tuesday session

The US dollar rallied significantly during the Tuesday session, reaching towards the ¥112.25 level initially. There is a major downtrend line just above though, so I think it may be difficult for the market to go much further without some type of pullback.
Christopher Lewis
USD/JPY daily chart, September 19, 2018

The US dollar has rallied against the Japanese yen during the trading session on Tuesday, pulled back a bit, and then rallied right back up to the highs. This is a bullish sign, and I think it suggests that we are eventually going to break out of the massive symmetrical triangle that we have been in for some time. However, it doesn’t mean that it’s going to be easy and it will almost certainly take significant effort to do so. Because of this, I believe that the market will eventually go to much higher levels but it may be quite noisy in the meantime. With that in mind, I would be looking to pick up value based upon short-term pullbacks more than anything else right now. I believe that this market will continue to move right along with the stock market, which looks noisy to say the least, but overall has been positive for some time.

I believe that this market is still very short term focus though, so keep that in mind. I would anticipate significant back-and-forth action, and it seems to be attracted to 50 pips increments. Because of this, I am a firm believer in staying in short-term charts and of course using small position size. I think this could change given enough time, but right now it looks as if we are still so noisy and so congested that it’s good to be difficult to get any real clarity in the short term.

USD/JPY Video 19.09.18

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US