USD/JPY Weekly Price Forecast – US dollar falls during the week

The US dollar went back and forth during the course of the week with a negative tone. The market continues to see a lot of volatility, mainly because the markets tend to follow right along with the S&P 500. Ultimately, the S&P 500 continues to struggle with the area we find ourselves doing the same thing here. Overall, I think that this pair is going to be very difficult to start buying or selling until we get some type of impulsive move. If we can break above the high from the week, then I think the market can probably go to the ¥113.50 level. However, if we break down below the hammer from the two weeks ago, then the market will probably go down to the ¥110 level.

USD/JPY Video 29.04.19

All things being equal, the market should be more suited for short-term traders, as we are approaching quite a bit of trouble in general. At this point, the market is probably going to continue to be very difficult to hang onto for longer-term moves, so longer-term traders will probably avoid this market altogether. There is a lot of US dollar strength though, so one would have to think that the move higher would be easier to deal with than the move lower, as there is a clear target to the upside, but much more murky waters underneath. If we broke down below the ¥110 level, then the market probably goes down to the ¥108 level. In general, I’m relatively neutral on this.

Please let us know what you think in the comments below