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Old 06-06-2018, 08:56
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

USD/JPY Technical Analysis: June 5, 2018

Yesterday, the U.S. dollar swayed sideways and reached the level of 109.50. The next target will probably be the 110 handle given a large whole number. It has shown some amount of resistance recently.

The greenback moved sideways against the Japanese yen during the Monday session, which was highly bullish in the past few days. As expected, the pair formed a hammer pattern on the weekly chart and the pair is likely to rise higher when it breaks the level above. It would probably reach the level of 110 and until it does, I would be cautious before placing a lot of money on it. If the pair declines from here, it would not be easy to short this pair since there is a lot of support found below.

The market will probably be sensitive in regards to trading the pair, given the rising concern on the trade war with the United States. If the market becomes anxious on the trade war, this is likely to affect the market with the greenback have a hard time in general. I think short-term pullbacks would offer a lot of opportunities, which can be seen in the present time. Thus, I would think twice before placing trades at least until a successful breakout on the said level of 110. We should bear in mind that the pair movements will be relative to the risk appetite that is why we should give attention to the stock market especially the S&P 500. Thus, it won’t be easy to work on this pair. If it rallies on the market, then this pair will probably rise higher as well.
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Daily Market Analysis by ForexMart-usdjpy05.png  
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