FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
95,482,598Confirmed
2,039,653Deaths
68,169,314Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis

The US dollar initially tried to rally during the trading session on Thursday but gave back the gains as it looks like we are seeing a lot of trouble right around the ¥107.50 level. Ultimately, the market is likely to continue to go lower due to the fact there is a major “risk off” attitude with the initial jobless claims coming out as horrifically as they have. That being said, rallies could occur in short covering, but I think those short covering rallies that show signs of exhaustion should be sold into.

USD/JPY Video 03.04.20

A breakdown below the lows of the Wednesday session could send this market down towards the 160 and level, followed by the ¥105 level. In fact, I don’t really have an interest in buying this pair, but I do recognize that it is somewhat “neutral” as we are simply thrashing around in order to try to find some type of equilibrium. It’s very possible it might be in this general vicinity based upon the last couple of swings that we have seen. Nonetheless, this is a market that continues to be very noisy and I think that’s probably going to be the way going forward. Quite frankly, we are moving on the most recent headline, which of course involves the virus, jobs numbers, and a whole host of other things. Keep your position size small but recognize that there are some opportunities here and there. I suspect you are probably going to be better served waiting until the close of business on Friday to make some type of decision based upon a weekly candlestick to be honest though.

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

75% of retail CFD investors lose money

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

  • Your capital is at risk
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