Richard Perry
Independent Analyst
USD/JPY
Although Dollar/Yen has lost the positive momentum in the past couple of sessions, the bulls still remain in control. Trading above a clutch of rising moving averages, with a positive bias to the momentum configuration, it suggests that near term weakness is still a chance to buy. Two consecutive mild negative candles hints at consolidation, but whilst the support of the near term pivot at 109.25 remains intact then the outlook is still positive. Initial support is at 109.50 from Friday’s low, but the hourly chart shows settled momentum and a sense that weakness is a chance to buy. With the market again looking to tick higher this morning, there is little to change our view that would suggest a retest of 110.30 January resistance will be seen in due course.
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