USD/JPY: weakness as a change to buy for pressure on 110.30 [Video]
|USD/JPY
We have been covering the consolidation of the past two weeks and there is little sign that this consolidation is about to end. Indicators fluctuate between near term positive and negative bias as the market searches for conviction. Coming into today’s session the latest bias is turning mildly positive again. Even with a broad safe haven positive outlook yesterday, once more a slip below 109.70 was seen as a chance to buy and a doji candle would have been seen as a good result for the bulls. An early tick higher is testing resistance 110.00/110.15 and is resulting in a drift back higher on momentum. We remain positive on Dollar/Yen on the support 109.50/109.70 and see weakness as a chance to buy for pressure on 110.30 in due course. We would change our view on a closing breach of the pivot support at 109.25.
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.