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USD/JPY Price Forecast – US Dollar Flat Against Japanese Yen

  • Jan 20
    The US dollar has gone back and forth during the course of the
    trading session on Tuesday as we continue to hover around the ¥104.33
    level. There is a significant amount of resistance above, so even though
    it is very possible we get a short-term push to the upside, I believe
    that it is relatively limited. The 50 day EMA has been broken above, but
    this has happened multiple times in the past, and I believe there is a
    significant amount of resistance extending all the way to the 200 day
    EMA above, which is still very well past the ¥105 level. Because of
    this, I think it is more than likely going to be a scenario that sooner
    or later we will get a nice candle to start selling.To get more news
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      All of this being said, keep in mind that we are at extreme lows,
    so the pair may try to recover a bit, but the downside is certainly
    ensconced at this point. The US dollar continues to struggle in general
    as we have a lot of noise in general, but there is the idea of stimulus
    in the United States working against the value of the greenback overall.
    Because of this, I think that what we are looking at here is a bit of a
    “ceiling in the market” at the ¥105 level, so I am comfortable shorting
    this market anytime it shows signs of exhaustion between here and
    there. I do not presently have much thought towards buying, but if we
    broke above that 200 day EMA, I would have to rethink the entire thesis.