USD/JPY Forecast July 14, 2017, Technical Analysis

The USD/JPY pair has been very volatile during the session on Thursday, as we dropped to test the 113 level. However, we rallied a bit, and it shows that perhaps the buyers are going to try to make a stand in this area. If we can continue to go higher, and clear the 113.50 level, it’s likely that we then go to the 114.50 level again. I believe that the 115 level above is massive resistance, and if we can break above there, that is a longer-term “buy-and-hold” situation. This is a market that is going to be very volatile and choppy, but there is a certain amount of underlying bullish pressure that continues to keep this market vibrant and alive.
Volatility should continue
I believe that this market will continue to be very volatile, and the choppiness will probably keep most traders looking at short-term charts. I think that as we are reaching into the summertime months, it’s going to be difficult to hang on for a larger move, because quite frankly I don’t think it’s going to be there. The month of August tends to be very quiet and as we are getting very close to it, I think this pair will probably settle into a bit of a range. Right now, I suspect that range is between 113 and 114. If we did breakdown below the lows of the day for the session on Thursday, then I see massive support near the 112 handle.
Eracash.com - The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.

All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. Eracash.com bears no responsibility for any trading losses you might incur as a result of using any data within the Eracash.com