USD/JPY Analysis: the old task of negotiating the resistance initially at 109.00/109.20 is ahead
|USD/JPY
Calling decisive direction on Dollar/Yen has proved to be a thankless task in recent weeks. We have seen that the market has been broadly flat over the past six weeks, as uptrend after uptrend has been breached, then redrawn, only to be breached again. The argument that there is still a trend of higher lows intact, whilst with the shallowing uptrends there is a run of marginal gains which edge a slight positive bias on a near to medium term basis. This is reflected in the RSI which is oscillating between 45/65. However, time and again the bulls have got excited only to be disappointed. The latest pick up from support at 108.40 helped to generate a positive candle yesterday but now the old task of negotiating the resistance initially at 109.00/109.20 is ahead. The market has backed off again slightly this morning. The key support of the 108.25 key higher low is still intact and effectively Dollar/Yen is fluctuating. Key resistance is 109.50/109.70.
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