USD/JPY Price Forecast – US Dollar Testing Support

The US dollar has gone back and forth against the Japanese yen during trading on Thursday as the market awaits to see whether or not we are more “risk on” or if we are more “risk off.” Keep in mind that the currencies are both considered to be safety currencies, so that is worth paying attention to. I believe at this point we are likely to see a lot of choppy behavior, but that has been the mainstay of this pair for some time. The market seems to be attracted to the ¥107.50 level, as it is a bit of a magnet for price. Because of this you need to pay attention to the market every time we get a little bit too far from there.

USD/JPY Video 19.06.20

Looking at this chart, I think that the 106 level underneath is rather supportive, just as the 110 level above offers significant resistance. Ultimately this is a market that I think is trying to figure out whether or not we are going to see buying or selling of risk appetite, so at this point with all of the things going on around the world I think it is probably a bit difficult to glean which direction this pair should be going. However, we will eventually get some type of clarity and once we do, I will be the first person to let you know. An impulsive candlestick is necessary, but obviously we do not have one. Until then, I think it is just a lot of back and forth.

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