USD/JPY Price Forecast – US Dollar Gives Up Initial Surge Higher

US Dollar vs Japanese Yen Technical Analysis

The US dollar has tried to rally during the trading session, as Monday kicked off the week of noise that we are about to experience. We ended up seeing the market pullback from that area though, as the market memory comes back into the picture. That being said, if we do pullback from here, it’s possible that we could go down to the ¥145 level. The ¥145 level also features a 50-Day EMA, so that of course is something worth that is paying attention to. The market breaking down below there would obviously be a very negative side.

That being said, the fundamental situation has not changed at all, so I think at this point in time it does make a certain amount of sense that the market pulls back and then find buyers yet again. Ultimately, this is a market where nothing has changed, but we may have gotten a bit ahead of ourselves. Remember, markets do not go in one direction forever, so therefore this pullback should end up being a nice buying opportunity given enough time.

Ultimately, I do think that the 50-Day EMA will more likely than not offer a bit of dynamic support, so that being said I think that it’s a matter of waiting for some type of supportive daily candlestick before I get involved. Little bit of patience will go a long way in these types of markets, so I will probably be on the sidelines until we get some type of clarity going forward. Ultimately, the markets will eventually see the momentum the inside, so I will be waiting.

USD/JPY Price Forecast Video for 08.11.22

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