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USD/JPY Price Forecast – US dollar continues to find support underneath

Christopher Lewis
Updated
The US dollar has gone back and forth during the Friday session after the jobs number, essentially going nowhere for the day. That’s not a huge surprise, typically these days tend to be very noisy, and settle nothing.

Check that, there was at least one important thing settled, the fact that there is significant support underneath, that is holding itself strong. The uptrend line continues to offer buyers, just as the 200 day EMA offer support as well. I think at this point, we will find plenty of buyers underneath and the markets will continue to try and reach towards the ¥114.50 level, an area that has been massively resistive. I think that the area between there and ¥115 is a massive barrier for the buyers overcome, and if they did it could send this market much higher. In fact, I think we could see the 500 point move if that does in fact happen. In the meantime, I suspect that we will probably continue to go back and forth in a choppy manner, especially considering that we are now getting very close to the holidays, and it’s likely that we will continue to see in decision.

USD/JPY Video 10.12.18

If we did break down below the 200 day EMA, then I think it opens the door to the ¥110 level, perhaps even the ¥108 level. Ultimately, I think that the markets will continue to be very difficult to navigate, as we have a lot of concerns about the US/China trade relations, and of course global growth. Both of those will have a massive effect on this market, and it doesn’t help that the Federal Reserve suddenly sounds a bit more dovish. I think confusion is going to be a major issue, so the only thing you can pay attention to is the couple of major areas marked on the chart.

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This article was originally posted on FX Empire

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