Richard Perry
Independent Analyst
USD/JPY
The elevated volatility continues to throw Dollar/Yen around. Another session of well over 100 pips of daily range continues what is a very rare phase of volatility on the pair (over twice the current Average True Range of 60 pips). Yesterday’s pullback unwound the market to the key breakout at 110.30 almost to the pip yesterday before an intraday rebound set in. This now bolsters the importance of this support as a gauge for bull control. After two such considerable strong negative candles, you would think that the correction is gathering pace now. However, the daily chart looks to simply have unwound strong momentum (RSI back into the 50/60 area). The reaction to the overnight intraday rebound will be key this morning. Currently there is a small positive candle but what is shown on the hourly chart as a run of lower highs and lower lows in the past 48 hours of trading needs to be broken. The bulls will note the resistance at 111.10/111.20 today.
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