USD/JPY Price Forecast January 30, 2018, Technical Analysis

The US dollar has gone sideways overall during the Monday session against the Japanese yen, and I think this is a symptom of the US dollar struggling. I think that the market will of course continue to be very volatile, that seems to be the way for this pair most of the time anyways, so keep an eye on the overall attitude of markets in general, as the pair rallies when stock markets are healthy and strong, but it also will fall when stock markets roll over. So, pay attention to the S&P 500 in general, as it is a strong indication of where this market might go. Also, the US Dollar Index helps as there will be a bit of a “knock on effect” in this market.

Is not until we break above the 110 level that I feel comfortable buying, so even if we do rally a bit, I will probably keep on the sidelines. If we break down below the 108-level underneath, that frees the market to go down to the 107.50 level, which would wipe out the entire uptrend mode that we had seen previously. The market continues to be very noisy, and I think will probably be best avoided over the next several sessions. However, the nice thing about this pair is that when the market makes up its mind, it goes quite far at times. Keep your position size small, and only build up once the market moves in your favor.

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