USD/JPY Price Forecast – US Dollar Continues To Chop Against Japanese Yen

The US dollar has chopped around back and forth during the trading session on Wednesday, as the market is testing the crucial 200 EMA. This is an indicator that a lot of the longer-term traders out there will be paying attention to, and for most people determines whether a market is in an up or down trend. Because of this, it makes quite a bit of sense that we will continue to see interest in this area. However, one thing that should be paid attention to is not only the 200 EMA but the breakdown candle from previous actions that sent this market to the downside.

USD/JPY Video 24.10.19

If we were to break above the ¥109.50 level, then the market is more than likely going to go looking towards the 100% Fibonacci retracement level, but I would not look for that to happen very quickly. One thing that can be said though is that the market has been rather resilient, and that’s something that’s worth paying attention to. However, the market was the breakdown below the range during the trading session of Wednesday, then the market is likely to reach towards the ¥107.50 level. After that, then you are more than likely going to see the market test the ¥107 level. All things being equal, I suspect that the market is probably going to continue to be choppy but with quite a bit of bullish pressure underneath in general.

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