USD/JPY: Near-term move lacking conviction – Sell into strength [Video]
|USD/JPY
An intraday bounce into the close has once more neutralised the outlook on Dollar/Yen. A range between 105.10/107.00 is into its sixth week now and given the tendency for the market to gravitate around 106.00 (an old mid-range pivot) it is difficult to take much of a decisive near to medium term view right now. Our bias remains to sell into strength though. The old key floor for the summer months between 106/107 is now broadly resistance and a barrier to gains. The resistance also comes in with the 55 day moving average (today at 106.40) and a 10 week downtrend (at 106.35 today). However, conviction is lacking right now in the near term moves. A close under 106.00 would see our preferred test of 105.10 resume. Initial resistance 106.40/106.55.
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