Forex Technical Analysis, USD/JPY Daily Forecast June 2, 2016
Technical Analysis – The USD/JPY pair fell significantly during the course of the day on Wednesday, slicing back through the 110 level. At this point in time though, there seems to be quite a bit of support just below so at this point in time it’s likely that the market will bounce fairly close to where we are at. With this, we are looking for supportive candle or a bounce in order to start buying but we also recognize that it will be very choppy regardless what happens so therefore it’s difficult to hang onto a trade for any real length of time at this point.
In Other View Point – THE FUTURE OF US DOLLAR ( AMERICAN DOLLAR WE HAIL THEE)
FED rate hike theory comes back to the cutting edge later in the day as May’s ISM Manufacturing review and the national bank’s Beige Book study of local financial conditions cross the wires. Proof of upward value weights may turn out to be especially imperative as J. Yellen and organization manufacture the case for the resumption of stimulus withdrawal. This will make US Dollar go down a bit and afterward rise rapidly should Yellen settle on a firm choice in regards to the fed rate hike .
source : www.fxempire.com/technical/technical-analysis-reports/usdjpy-forecast-june-2-2016-technical-analysis-341640