USDJPY: A cautious approach is required
|US$Jpy has been volatile again on Thursday, falling to 105.80 in Asia, bouncing back above 106.00, falling again to the lows and then chopping higher to finish near session highs of 106.40, pretty much unchanged from yesterday’s close.
1 hour/4 hour indicators: Mixed.
Daily Indicators: Turning higher
Weekly Indicators: Turning lower
Preferred Strategy: A cautious approach is required and 106/107 range may cover it today, although the momentum indicators do look a little more constructive and a test of the descending trend resistance at around 106.75 may be on the cards. Above here could stretch to 107.00 and then to 107.30/40.
Back below 106.00 could see a run back towards the session low and the 200 MMA at 105.70 although this is less favoured today and I prefer to buy dips.
Economic data highlights will include:
Capacity Utilisation – Feb, Industrial Production – Jan
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.