Richard Perry
Independent Analyst
USD/JPY
Dollar/Yen remains stuck in a rut as once more there is little to choose between the two currencies. Small bodied candles often in contradiction from one session to the next are very much the norm now for the pair. This is an indication of a lack of conviction amidst the ongoing consolidation. Initial resistance at 107.75 is preventing a test of 108.15. A very marginal negative bias is threatening in the past 24 hours, with initial support around 107.20 creaking. Breaching 107.20 would open 106.80, however, even if it were to be breached, the consistent tendency for false signals on Dollar/Yen would leave little real conviction that the move would continue. Daily momentum indicators are beginning to show a mild drift lower, but again with little conviction. The hourly chart shows an oscillation between 30/70 on hourly RSI as a tight range plays out. A close below 106.80 would be a more notable break and imply a move towards the 106.00 key medium term range lows. Iniitla resistance is now 107.50/107.75.
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