The USD/JPY pair has been volatile during the last 24 hours, as we continue to dance around the 110 level. I think looking at the longer-term charts, it’s
The USD/JPY pair has been volatile during the last 24 hours, as we continue to dance around the 110 level. I think looking at the longer-term charts, it’s likely that the buyers are coming in to pick up the US dollar “on the cheap”, as we are close to the bottom of a major consolidation area. This is a market that continues to be very choppy, due to the interest rate expectations in the Federal Reserve waxing and waning. I think that once we break above the highs of the day again, the market should continue to grind to the upside. Although I could see a scenario where we drop from here, for me that only offers value. It would only take a slightly hawkish statement coming out of the Federal Reserve to turn this market around almost immediately.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.