USD/JPY Price Forecast January 17, 2018, Technical Analysis

The US dollar has gone back and forth during the trading session on Tuesday, as Americans came back to work. I believe that the market is going to deal with the 111-level next, and that’s an area that could be a bit resistive. If we break above there, then the market goes looking towards the 112 level, which has been important in the past as well. I think though, it’s likely that we will see some downward pressure, and that could send the market looking towards the 110 level. I believe that the market should continue to be noisy in general, which makes sense considering that the global economic outlook is positive, but we also have a general sell off the greenback.

Because of this, I think we will continue to see a lot of volatility, and this market will course be a great place to find it as the pair tends to be volatile anyway. If we break down below the vital 110 level beneath us, the market probably goes down to the 108 level after that. I expect to see a lot of noise in this market going forward, as there are plenty of areas in the general vicinity, highlighted every 100 pips. This market has been very noisy, but I think that the overall attitude of this market is trying to rebound from what has been a rather significant pullback.