USD/JPY Price Forecast – US Dollar Sideways Against Japanese YenThe US dollar was relatively quiet against the Japanese yen during the trading session on Thursday, as we await the jobs figure on Friday. This is not much of a surprise.
The US dollar has gone sideways against the Japanese yen during the trading session on Thursday, as we await the jobs figure on Friday. That being the case, it’s likely that the market will eventually find its way into volatility again, probably around 8:30 AM Friday morning in New York. That being said, we are trying to grind higher overall, and I think that there is still a huge target on the ¥110 level. If we get above there, then it’s likely that the market will continue to break out and go much higher. Short-term pullback should continue to show opportunities for buying, as the 50 day EMA is now starting to cross above the 200 day EMA.
USD/JPY Video 06.12.19
Ultimately, this is a market that has been grinding away for some time, but there is an obvious massive move to the upside, I think it’s only a matter of time before we build up enough pressure to make that breakout. In this scenario I don’t have any interest in shorting this pair, and that will be especially true if we get a major “risk on” event such as the US/China trade negotiation sounding a bit more positive. Beyond that, it does tend to follow the S&P 500 and the S&P 500 tends to rally this time of year. That scenario tells me that there is probably more risk to the upside then down, and I will trade this pair as such. However, I’m not looking for major breakout in the short term, I think it’s going to continue to just grind back and forth with an upward proclivity.
Please let us know what you think in the comments below