USD/JPY Weekly Price Forecast – US Dollar Continue Slow Grind Lower
The US dollar rallied significantly over the week but lost some of its gains towards the end of the week as the market continued its broader bearish move. In all fairness this is a market that will put you to sleep if you are not careful, but it certainly has a more downward tilt than an upward tilt. I think at this point we will most likely look to the 105 yen level, maybe even lower to get to the 104 yen level. Ultimately, I think we will likely continue to see more noise than anything else.
USD / JPY video 10/12/20
The market continues to be driven by the idea of stimulus and risk appetite, which of course is ubiquitous. With that in mind, I think this will be more or less a short term driven market. Therefore, the longer-term charts say nothing more than the overall trend. That being said, I think we are more likely to see problems ahead and so I prefer to fade rallies to buy the relative safety of the Japanese yen.
In the long run it is very difficult to understand where we might be going as so much of what is driving the market right now is based on politicians who naturally act like children. The fact that the market relies on politicians shows you how preliminary the whole situation is. This pair tends to favor the Japanese yen when it is “risk free”. So keep that in mind.
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This article was originally published on FX Empire
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