USD/JPY: The market is now effectively in the middle of the 106.00/109.85 [Video]
|USD/JPY
Even in the wake of an apparently strong Nonfarm Payrolls report (which was risk positive but eventually enable a USD rebound), there was still limited real move on Dollar/Yen yesterday. Wednesday’s correction and bearish engulfing candlestick is still a key near term influence on the outlook, leaving resistance at 108.15 now. However, the selling pressure does not appear to be taking hold as the market consolidates for the US public holiday (no Treasury markets tends to mean little direction on Dollar/Yen). With Stochastics swinging lower in the wake of Tuesday’s decline, there is a neutral look to momentum now, as RSI hovers around 50 and MACD lines drift towards neutral. Below 107.30 support would begin to generate a negative near term bias once more. However, given the market is now effectively in the middle of the 106.00/109.85 medium term consolidation range.
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