The US dollar dipped slightly against the Japanese yen on Monday, in relatively quiet trading. Given enough time, I think that the buyers may return to
The US dollar dipped slightly against the Japanese yen on Monday, in relatively quiet trading. Given enough time, I think that the buyers may return to this market longer term, as the 108.50 level underneath should be supportive. It’s the bottom of a longer-term consolidation area, so if we can stay above that level, I do believe that eventually we will bounce back. However, if we break below that level, I believe that this pair then goes to the 105 handle. Ultimately, I suspect that this market will remain very choppy as we are in a very illiquid time of year.
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.