USD/JPY Price Forecast – US Dollar Bounces Against Yen

The US dollar fell slightly during the open of the session on Friday, but then reached towards the ¥107.50 level, which was the magnet for price for so long. A break above there then allows the market to go back towards the top of the range that we have been in recently. We have pulled back from there again, so I think this shows that the market is going to continue to be choppy, and when you look at the 50 day EMA as well as the 200 day EMA, you can see how they are so sideways.

Ultimately, this is a market that is going to continue to be difficult to make a lot of money in the market on a single move. Quite frankly, this is a market that will more than likely continue to look choppy to say the least and will more than likely figure to be one that you need to look at short-term charts. I think more or less a sideways market continues to be the case, as we build up more inertia.

USD/JPY Video 15.06.20

Looking at the longer-term chart, we have been forming a bit of a triangle, and I do think that we get a longer-term move eventually, but right now it is simply chopping around as both of these are safety currency so you would expect that kind of trouble. Ultimately, this is a market that I think you need to look at through the lens of short-term trading at best, but I have been using it as an indicator as to how the Japanese yen itself should behave, as this is a great secondary indicator for other Japanese yen related pairs.

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