USD/JPY: weakness as a change to buy for pressure on 110.30 [Video]

Richard Perry Independent Analyst

USD/JPY

We have been covering the consolidation of the past two weeks and there is little sign that this consolidation is about to end. Indicators fluctuate between near term positive and negative bias as the market searches for conviction. Coming into today’s session the latest bias is turning mildly positive again. Even with a broad safe haven positive outlook yesterday, once more a slip below 109.70 was seen as a chance to buy and a doji candle would have been seen as a good result for the bulls. An early tick higher is testing resistance 110.00/110.15 and is resulting in a drift back higher on momentum. We remain positive on Dollar/Yen on the support 109.50/109.70 and see weakness as a chance to buy for pressure on 110.30 in due course. We would change our view on a closing breach of the pivot support at 109.25.

Author

Richard Perry

Independent Analyst

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