USDJPY: The downside will find bids at around 111.00
|US$Jpy has ended near session highs of 111.59 following Dudley’s upbeat comments and appears to have the momentum to make further gains in the coming hours.
The 4 hour/daily momentum indicators are now aligned to look positive, and above the Fibo resistance which coincides with the 111.59 high would open the way to 111.70 and to 111.82/90, which should be decent resistance, but beyond which could head towards 112.15/20.
The downside will find bids at around 111.00, below which could see a return to 111.65/75 although this seems unlikely today, but a break of which would then head towards 110.30 and possibly back to 110.00.
As before, with the dollar, having turned higher to now make 4 consecutive higher lows, it would seem to be building for further gains and as long as we do not make a daily close under 110.64, I prefer to trade it from the long side, looking to buy dips towards 111.00 today. If that fails to occur, then resume a neutral stance.
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