USD/JPY Forecast August 29, 2017, Technical Analysis

USD/JPY daily chart, August 29, 2017

The US dollar dipped slightly against the Japanese yen on Monday, in relatively quiet trading. Given enough time, I think that the buyers may return to this market longer term, as the 108.50 level underneath should be supportive. It’s the bottom of a longer-term consolidation area, so if we can stay above that level, I do believe that eventually we will bounce back. However, if we break below that level, I believe that this pair then goes to the 105 handle. Ultimately, I suspect that this market will remain very choppy as we are in a very illiquid time of year.

Written by FX Empire