Jul 04 2020
USD / JPY Price Forecast - US Dollar Tanks Against Japanese Yen
The US dollar was hit after initially trying to rebound against the Japanese yen in Tuesday's session, but after that it found a lot of "risk". That said, the market has been trading between the 160 level and the ¥ 110 level for some time. The level of ¥ 107.50 is still very crucial and therefore I think it will be a bit of a magnet for the price. Looking at the graph, I think it's only a matter of time before I try to go back to this magnet, so it wouldn't surprise me at all to see this change later in the day, or maybe even the first thing on Wednesday. If it breaks down, it is only after reaching the ¥ 105 level that it becomes a longer-term signal.