USD/JPY: Dollar Yen continues the recent consolidation [Video]
|USD/JPY
With US markets shut yesterday, Dollar/Yen continued the recent consolidation. The bulls may have lost an edge of control in recent sessions, but it is notable that the support continues to be found on every occasion 109.70 has been tested. There is good near term support 109.50/109.70 now and whilst the pivot support at 109.25 remains intact, we favour long positions for a test of 110.30. Subsequently, we see near term weakness as a chance to buy. It is worth keeping a close eye on how momentum indicators develop though, as there has been a mild drag started to develop on Stochastics. For now though, this band of consolidation between 109.50/110.15 continues and we wait for a catalyst.
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