FXEMPIRE
All

USD/JPY Price Forecast – US Dollar Testing Support

The US dollar has pulled back a bit during the trading session on Monday, reaching towards the ¥108.50 level. This is an area that of course will attract a certain amount of attention due to the fact that it is a large, round, midcentury figure. Beyond that, we have several technical factors here as well.
Christopher Lewis
USD/JPY Price Forecast - US Dollar Testing Support

The US dollar has pulled back just a bit against the Japanese yen during the trading session on Monday as we continue to see this pair be influenced by the US/China trade situation. At this point, the market will continue to see a lot of interest, and quite frankly all is going to do is take a bit of good news coming out of the US/China trade situation to turn things back around. Otherwise, if the market gets bad news out of the US/China situation, then we could break down towards the ¥108 level, possibly even the ¥107.50 level.

USD/JPY Video 10.12.19

Looking at this choppiness, it makes sense that short-term trading should be the way going forward, because quite frankly until we get some type of resolution to the US/China trade problems, this market will probably continue to be somewhat tentative. Looking to the upside, the ¥110 level should be massive resistance and if we can break above there then we could continue to go higher. Until then we will continue to chop around in this market in trying to make some type of headway when it comes to a bigger move. The market has essentially been in a bit of a “holding pattern” for a while, with more of an upward proclivity than anything else. All things being equal, this is a market that is trying to break out, but quite frankly need some help from the sidelines in the form of good news.

Please let us know what you think in the comments below

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