Richard Perry
Independent Analyst
The consolidation between 117.20/118.90 is into its 9th day and is showing very little sign of ending any time soon. Daily technical indicators remain neutral and whilst the range is intact it remains likely that this will remain the case until a decisive break is seen. It seems that perhaps I was a little quick to dismiss the RSI as a viable trading tool on the intraday hourly chart yesterday, as once more the rally of yesterday afternoon took the RSI up towards 70 at which point the reversal kicked in once more The outlook is neutral but playing the range is the only viable way to trade for now, buy when RSI is towards 30 and sell when it is towards 70. The only real support of any relevance is 117.20, whilst the only real resistance of relevance is 118.87. Once either of these are broken we can talk about a new move, but for now Dollar/Yen remains rangebound.
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