USD/JPY pivot resistance at 109.00 last week [Video]
|USD/JPY
Once more during the consolidation of the past week, signals seem to be false moves for a market that is stuck in a rut. The breakout above 108.50 faltered under the key medium term pivot resistance at 109.00 last week, but this has ushered in a phase of indecisive trading, completely lacking conviction. This comes as momentum indicators have lost their way and becalmed. Resistance seems to be heavy above 108.70 but the sellers just cannot get a stable grip on the market. The hourly chart reflects a ranging market now between 108.25/108.95. With hourly RSI oscillating between 30/70 there is little real sustainable direction. We are looking for a break above 109.00 or below 108.00 for the next move. However, the market is now into its tenth session in this 100 pip band.
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