USD/JPY Price Forecast – US Dollar Sideways Against The Yen

The US dollar initially try to rally during the trading session on Thursday, but then rolled over to show signs of exhaustion yet again. The market is going sideways overall and it looks like we are probably going to continue showing signs of exhaustion and constriction. At this point, the market looks as if the 200-day EMA is going to continue to be a major issue, and of course we have seen the market break down significantly from this general vicinity to reach the lows, so obviously there is a lot of resistance.

USD/JPY Video 25.10.19

If the market was the break above the ¥109 level, then we could see the USD/JPY pair go higher. To the downside, the market was to break down below the ¥108 level, then it could open up the door to the ¥107 level. All things being equal, this is a pair that will form a rather impulsive candlestick that you can follow but it doesn’t seem likely to do so right now. Beyond that, the market seems to be waiting for some type of catalyst, something that it just doesn’t have right now. The US/China trade situation continues to be the same, so ultimately that will keep this market relatively quiet and stagnant in this area. This is essentially “dead money”, but once we get that impulsive candlestick then it’s time to start trading this pair again. Until then, probably best just to observe and wait for movement.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

More From FXEMPIRE:

• GBP/USD Price Forecast – British Pound Continues To Consolidate

• USD/JPY Price Forecast – US Dollar Sideways Against The Yen

• Natural Gas Price Prediction – Prices Rally on Cold Weather Forecast

• E-mini S&P 500 Index (ES) Futures Technical Analysis – Reaction to Pivot at 2998.50 Will Set the Tone

• Natural Gas Price Forecast – Natural Gas Markets Finally Break Out

• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Has to Hold 7954.25 to Sustain Intraday Upside Momentum