USD/JPY Price Forecast – US dollar continues to grind sideways

The US dollar went back and forth during the trading session again on Tuesday, as we continue to bounce around in a 50 pips range. The ¥112 level continues to be crucial, and as a result if we can break above there significantly on a daily candle stick I would be very interested in trying to go long of this market. I believe that that point we should then go to the ¥113.50 level, which could open the door to the ¥115 level longer-term. However, we also recognize that there is plenty of support underneath at the ¥111.50 level that should be paid close attention to, just as the moving averages underneath there should be paid attention to.

USD/JPY Video 25.04.19

Looking at this chart, it’s obviously very bullish so it’s difficult to imagine area where I’d be a seller of this market, but obviously if we were to break down below the ¥110 level then we need to start rethinking the entire situation. Ultimately, I think that buying the dips will offer little bits and pieces of value, and therefore I like buying those dips. Keep in mind that this pair does tend to move with risk appetite in general, so keep in mind that the stock markets can have their influence as well. Overall, I do believe that this market will try to break out but obviously we have a lot of work to do to get to that point. Once we break out to the upside, I would anticipate a rather explosive move.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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