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USD/JPY Price Forecast – US Dollar Sideways Against Japanese Yen Again

Christopher Lewis

The US dollar has gone back and forth during the trading session on Thursday as we continue to dance around the 50 day EMA and the 200 day EMA. With this, the market will continue to see a lot of interest in the area, and as we simply kill time between now and Sunday, the market probably has nowhere to be. At this point, if the Americans were to announce that the tariffs are going to be pushed back, that would be positive, but if they did in fact an act as tariffs, one would think that we could get a little bit of a run to the Japanese yen.

USD/JPY Video 12.12.19

Ultimately, from a technical analysis standpoint this market looks as if it is more than likely going to go looking towards the ¥110 level, an area that has a large, round, psychological significance attached to it, and if we can break above there then the market probably goes looking towards the ¥111 level, which is the scene of a gap that needs to be filled. Ultimately, the 112.50 level above would be the target, as it is the 100% Fibonacci retracement level. At this point, the market is simply waiting to figure out what happens next, and therefore it’s likely that this market is very little over the next 24 hours. I suspect that the next move in the USD/JPY pair will be dictated by Donald Trump. While I anticipate a relatively quiet next day or so, Monday could be truly interesting.

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This article was originally posted on FX Empire