Yahoo Finance USD/JPY Weekly Price Forecast – US Dollar Recovers to Reach Towards Same Magnetic
The US dollar has initially fallen during the course of the trading week but remains very much in the same vicinity that we had been in for quite some time. In fact, we have been bouncing around in the same area for quite some time. The ¥110 level seems to be a bit of a magnet for price, and as a result it makes quite a bit of sense that we would see this market go back to that level. The ¥110 level is essentially “fair value” at the moment, as we have been bouncing around between the ¥109 level on the bottom and the ¥110.75 level on the top.
USD/JPY Video 20.09.21
The weekly candlestick of course is a hammer, so that is a bullish sign. That being said, there are a lot of long wicks just above that formed over the last month or so, so it does suggest that we are going to struggle going higher. This is a market that I think continues to see a lot of confusion and choppy behavior, so it is not until we break out of this little consolidation area that I think longer-term traders can get involved.
The market currently offers a lot of short-term back-and-forth type of trading, so if you are range bound day trader, then you may like this market a lot. Otherwise, if you are a longer-term trader, you need some type of clarity, something that we just do not have right now. Ultimately, this is a market that I think continues to see more noise.
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This article was originally posted on FX Empire
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