USDJPY: Another rangebound session

Jim Langlands FX Charts

US$Jpy finished the day pretty much unchanged after a range of 113.23/68, leaving the outlook unchanged.

1 hour/4 hour indicators: Turning lower

Daily Indicators: Turning higher

Weekly Indicators: Neutral

Preferred Strategy: With the momentum indicators looking mixed, another rangebound session would not surprise while we wait on Wednesday’s Fed decision. On the topside, a break of Monday’s high would then allow a run towards 113.80, beyond which 114.00/05 will see sellers ahead of a possible towards 114.30 and even 114.75. On the downside, support will be seen at 113.20 and again at 113.00 below which could see a run back towards 113.50/60 although probably not today.

As before, look to buy dips towards 113.00/10 with a SL placed sub 112.80.

Buy US$Jpy @ 113.05. SL @ 112.85, TP @ 114.20

Economic data highlights will include:

Machine Tool Orders, Tertiary Industry Index – Nov

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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