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USD/JPY Price Forecast – US dollar falls on Friday

Christopher Lewis
Updated
The US dollar initially tried to rally during the trading session on Friday but gave back most of the gains as we fell back towards the ¥111.50 level. At this point, the market is continuing to bounce around in a tight range and looks as if it is very difficult to go higher, but we have a lot of support underneath.

The US dollar has initially tried to rally during the trading session on Friday, but the ¥112 level offered enough resistance to turn things back around and fall towards the ¥111.60 level. There is a significant amount of support at the ¥111.50 level, and then of course the 50 day EMA just below there. If we break down below the 50 day EMA, then the 200 day EMA is just below there near the ¥111 level. Ultimately, this is a market that continues to go back and forth but the recent action has been less than encouraging.

USD/JPY Video 29.04.19

If we were to break down below the 200 day EMA, then the market is probably going to go down to the ¥110 level. That’s an area that is massive support, so it would make sense we would have another fight on our hands done in that area. The alternate scenario is that we break above the highs from the Wednesday candle stick, and it should send to the ¥113.50 level. Overall, this market continues to be noisy, and perhaps geared more for short-term day trading.

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Keep in mind that this market is very sensitive to overall risk appetite, so pay attention to the S&P 500. The two tend to move simultaneously, so if we get the S&P 500 breaking out, that should translate into higher pricing over here. Of course the exact opposite can be true as well.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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