The USD/JPY pair broke down again on Friday, as we continue to see a bit of a “risk off” move in the currency markets. The Japanese yen being bought is
The USD/JPY pair broke down again on Friday, as we continue to see a bit of a “risk off” move in the currency markets. The Japanese yen being bought is interesting to me, because it shows that people are becoming a bit more skittish on the US dollar. Overall, it looks as if the market may go looking towards the 108 handle, where I would expect to see a significant amount of support. If we can break down below there, then the market should go looking towards the 105 level. As far as buying is concerned, I would be very hesitant to do so currently, because even if we get a bounce, it’s going to take a certain amount of stability in the market for traders to feel comfortable to hang on to any type of long position.
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.