USD/JPY Forecast: trading in a tight intraday range
|USD/JPY Current price: 100.56
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The USD/JPY pair trades at the upper range of its weekly range, still confined to a tight intraday range, as investors are reluctant to take firmer positions ahead of the FED. The ongoing recovery is for the most shallow, with the price still developing below the critical 100.65 level, a major Fibonacci resistance, although the 1 hour chart shows that the price is above its 100 and 200 SMAs, while indicators head north within positive territory, suggesting the price may advance further. In the 4 hours chart, indicators have also extended within positive territory, despite price's action has been quite limited, reflecting the low volume around the pair as of lately. The long term picture continues favoring the downside, which means that spikes beyond the mentioned 100.65 level may well attract selling interest.
Support levels: 99.90 99.55 99.10
Resistance levels: 100.65 100.95 101.30
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