USD/JPY Price Forecast March 16, 2018, Technical Analysis

The US dollar has gone back and forth during the trading session on Thursday, as the stock market seem to be struggling for some type of clarity. Because of this, I’m not expecting much out of the pair, but I know that we are getting closer to significant support rather than resistance, so at this point I have more of an upward proclivity, but I’m not expecting an explosive gain either.



The 107.50 level above should continue to be resistance. I believe that the market is probably going to bounce around in general over the next several weeks, so I don’t think it’s worth putting a lot of money into. I think short-term range bound trading systems will probably work out the best, using the 105.50 level as support, while the 107.50 level should be thought of as the short-term “ceiling” in the pair. I think if we can break above there, the market can probably go much higher, perhaps reaching towards the 110 handle. This is a market that continues to be very noisy, because it is so highly influenced by what happens in the stock markets. If we did breakdown below the 105 handle, I think at that point the market will probably drift closer towards the 100-level underneath which is a massive level on the longer-term charts. Expect enough volatility to keep this market difficult, but a small position size will give you the ability to deal with this type of noisy market.