USD/JPY: near term weakness is still a chance to buy [Video]
|USD/JPY
Although Dollar/Yen has lost the positive momentum in the past couple of sessions, the bulls still remain in control. Trading above a clutch of rising moving averages, with a positive bias to the momentum configuration, it suggests that near term weakness is still a chance to buy. Two consecutive mild negative candles hints at consolidation, but whilst the support of the near term pivot at 109.25 remains intact then the outlook is still positive. Initial support is at 109.50 from Friday’s low, but the hourly chart shows settled momentum and a sense that weakness is a chance to buy. With the market again looking to tick higher this morning, there is little to change our view that would suggest a retest of 110.30 January resistance will be seen in due course.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.