USD/JPY Forecast July 17, 2017, Technical Analysis

The US dollar fell significantly against the Japanese yen during the session on Friday as less than stellar economic announcements came out of the United States. By slicing through the 113 level, now looks as if we’re going to try to reach down towards the 112 level which I believe is much more significant. That’s an area that should be massively supportive, and I believe that traders will continue to look to drive the market down to that level. Whether we can break down below there is an entirely different question, but I certainly think that the market will try. I’m looking for short-term drop, but longer-term traders will be looking to the chart and recognizing that there is a significant amount of support near the 110 level, as the market continues to churn in general.
Short-term seller, long-term buyer
Short-term, I think selling is probably the only thing you can do. However, I am a longer-term buyer so I’m looking for signs of support to start going long in this pair. With that in mind, I believe that it’s only a matter of time before value hunters come back, as the market has been consolidating over the longer term. Interest rate differential still favor the United States, regardless of what came out during one set of data points on Friday. You will have to be patient, but eventually you should get a buying opportunity. Shorter-term participants are going to continue to try to make the quick dollar on the way down.
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