USD/JPY Weekly Price Forecast – US dollar falls against Japanese yen for the week

The US dollar fell significantly against the Japanese yen during the week, as we continue to struggle with the ¥114.50 level above. That’s an area that shows resistance all the way to the 115 young level, so it makes sense that we would struggle to break above there.
Christopher Lewis
USD/JPY weekly chart, November 19, 2018

The US dollar pulled back significantly during the week, as the ¥114.50 level continues to offer major resistance. I think at this point, the uptrend line underneath should continue to offer buying pressure, and the ¥112 level course has been important more than once. I think we are either going to find buyers underneath, or we are going to continue to go sideways. I do recognize that the ¥115 level above is major, and if we were to break above that it would be a huge deal. I think at this point it’s a bit difficult to do so though, as the Japanese yen is considered to be a safety currency. Over the next couple of weeks, we will make many important decisions when it comes to the future of this market.

USD/JPY Video 19.11.18

If we do break down below the ¥111.50 level, then I think the market could break down rather significantly. At that point, I would be looking at ¥110 as my next target. It’s a bit early or premature to call this as a potential “double top”, but it certainly has the potential of being so. If we break down below the support levels underneath, that would of course confirm it, and I think it would show that we are going to accelerate to the downside and a lot of risk appetite, not just this market. This market will continue to be very interesting to watch, but I think at this point it’s likely to be volatile to say the least.

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

Top Promotions

Top Brokers

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.
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.