Yahoo Finance USD/JPY Price Forecast December 15, 2017, Technical Analysis
Looking at the US dollar, you can see that we have been rather choppy over the last 24 hours, as the Japanese yen has found a lot of action near the 112.50 level. I think that we are either forming a bearish flag, or trying to find support. At this point, it’s very difficult to tell, and quite frankly a lot of this will come down to risk appetite overall. I think that the market breaking below the 112.40 level is a signal that we are going to go to the 112 handle next. On the other hand, if we can break above the 113 level, the market should continue to go much higher, perhaps reaching towards the 113.50 level above. At that point, I anticipate that we are going to see the markets reach towards the 114.50 level after that.
If we did manage breakdown below the 112 level, then the market will probably go much lower, perhaps reaching down to the 111 handle. The volatility should continue either way, but keep in mind that this pair is highly sensitive to risk appetite, so we need to see stock markets rally a bit, and the general “feel good” attitude as well for this pair to continue to go higher. Overall, I think that longer-term we will see buyers, especially considering that the interest rates look to go higher in the United States, while at the same time the Bank of Japan is light years away from cutting any type of quantitative easing. Lots of noise will more than likely be the main factor.
USD/JPY Video 15.12.17
This article was originally posted on FX Empire
