US dollars initially retreated against the Japanese yen, but found some buying pressure near the ¥ 108.50 level as it was a previous resistance barrier. At this point, it is likely that the market will continue to find at least some type of interest, as the market had exited a minor consolidation zone during the previous session. That said, the market is still very noisy, so it’s worth paying attention to it. “Data-reactid =” 12 “> The US dollar first fell against the Japanese yen, but found some buying pressure near ¥ 108.50 level, as it was a previous resistance barrier. At this point, the market is likely to continue to find at least some type of interest, as the market had moved out of a minor consolidation area in the previous session. market is always very noisy, so it’s worth paying attention to it.
USD / JPY Video 08.04.20
At this point, the market is very likely to be looking at the top of the overall range, which is closer to the level of ¥ 111. The market looks as if there is significant resistance down to the ¥ 112 level, so I think somewhere in this range we should see some exhaustion which the market can take advantage of to come back short. However, if the market were to exceed the level of ¥ 112, it should continue to rise much higher, perhaps as high as the level of 115 ¥. This would obviously be a major break and a type of major “at risk” scenario, which at this point I think might be a bit difficult because the economic damage caused by the coronavirus will certainly keep a certain appetite for mitigated risk. Despite the fact that we get a nice relief rally with lower numbers, the reality is that we still have a lot of negativity there, but this short term certainly seems like buyers are running the show.
article was originally published on FX Empire “data-reactid =” 16 “> This article was originally published on FX Empire