USDJPY: Range trade@ 112.00/113.00
|US$Jpy jumped to a session high after the release of the FOMC Minutes (112.60) but has since fallen back to sit at levels similar to yesterdays, leaving the range-trade outlook unchanged.
1 hour/4 hour indicators: Turning higher.
Daily Indicators: Neutral
Weekly Indicators: Neutral
Preferred Strategy: The dailies seem to suggest that we are likely to see further decent support at 111.95/05, which I think will hold today, but below which would open the way to the 200 DMA at 111.65.
On the other hand the short term momentum indicators are more positive and if 112.60 can be overcome we could then see a return to 112.80 and possibly on to 113.00 and above, where 113.30/35 should see sellers ahead of the December high of 113.75.
Most likely a range of 112.00/113.00 would not surprise for the coming session.
Range trade@ 112.00/113.00. SL 30 points either side.
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