USD/JPY Price Forecast – US Dollar Trying To Find Support

The US dollar initially tried to rally during the trading session on Wednesday but then turned around a break towards the 200 day EMA. The nonsense coming out of the United States Congress will of course cause some issues later in the day, just as Jerome Powell talking well. Beyond that, there are a whole host of issues to think that the market may struggle to break above the 61.8% Fibonacci retracement level. At this point, the market can break above that level, then it’s likely that we could see a significant move higher. That being the case though, we would need to clear the ¥110 level to have the signal that we are going much higher. At that point, it’s likely that the market would explode to the upside with some type of “risk on” type of situation.

USD/JPY Video 14.11.19

All things being equal, looking at the 50 day EMA sloping higher and reaching towards the 200 day EMA, it shows signs that we could continue to go higher, as this is a major longer-term “buy-and-hold” signal, but at this point that there are so many problems out there it’s difficult to imagine that that there is any reason to think that the market will have an easy time going in either direction. Quite frankly, the markets are essentially broken at this point, so therefore I would not put a lot of money into him until we get some type of clear-cut signal with an impulsive candlestick.

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