USD/JPY Forecast July 18, 2017, Technical Analysis

The US dollar rallied during the day on Monday, after initially falling. However, I think that the 113 level above is going to offer a bit of resistance, just as the 112-level underneath is going to offer certain amount of support. Because of this, I anticipate that we will see back and forth trading as stock traders around the world away earnings reports out of the United States. This has a strong influence on this pair, as it typically stronger stock markets will send this market higher. Because of this, I feel that we are in a “wait-and-see” mood right now, but I do recognize that a breakdown below the 112 level will send this market looking for support below, which I think it will find somewhere around 110. Alternately, a break above the 113 level sends this market looking for the 114.50 level above, which was the most recent high.
Short-term range bound trading
In the meantime, I think it’s going to be short-term back and forth trading, and if you are nimble enough, or prefer to trade very short-term charts, this might be an excellent market to be involved in over the next couple of sessions. Again though, be aware the fact that a break above or below either one of those levels mentioned previously is a sign that the market is going to move and a pickup and momentum should be noticed at that point. I believe that the market eventually will find its footing and decide which way to go, but right now I believe that we are going to see more choppiness than anything else. This is the type of scenario that short-term traders using Stochastics absolutely love as we can pick it apart in small increments. - 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. bears no responsibility for any trading losses you might incur as a result of using any data within the