Richard Perry
Independent Analyst
The range play on Dollar/Yen continues however the pressure is beginning to mount on the key support at 118.30 once more. The indicators on the daily chart have turned more corrective within the range once more, but as yet there is nothing overly decisive to be concerned with. The intraday hourly chart suggests that the pair has simply turned lower in the next part of the wave within the range. Dollar/Yen has consistently done this over the past few weeks, where for a few days the pair will look to move consistently in one direction before retracing the move. The latest part of the wave is to the downside, but there is little sign that this move will be sustainable. There would certainly need to be a decisive break of 118.30 which would then open 116.65, however, for now I continue to expect Dollar/Yen to play the range
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