USD/JPY Price Forecast – US Dollar Struggling at Equilibrium Against Yen

The US dollar has gone back and forth during the trading session on Friday in early trading, as we continue to see the ¥107.50 level as an area of interest, as market memory has seen this area attractive more than once. In fact, when you look at the longer-term charts, ¥107.50 is one of the more interesting and magnetic of prices. I do believe that eventually we will see this market make a bigger move, but right now it seems as if it is happy to be somewhat range bound.

USD/JPY Video 16.06.20

To the downside, you have the ¥106 level as support, while you have the ¥110 level as resistance as above. Because of this, we will continue to chop around and go back and forth in volatile moves. The range is not necessarily impressive though, so this is more or less going to be a market that people use for day trading.

That is fine, you just need to know what you are getting into before you get into it. With that in mind, looking to short-term back-and-forth trading systems might be the best way to go, as it does not seem like we are ready to make the longer-term big move. With that in mind, I believe that the ¥107.50 level will more than likely continue to act as a little bit of a magnet for price, as it has so much in the past.

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