USDJPY: Back above the 108.88 Monday high

Jim Langlands FX Charts

US$Jpy had a tight Monday session, trading within 108.43/88, unable to benefit from the move higher in the US stock markets today or even to follow the move in US yields.

1 hour/4 hour indicators: Turning higher?

Daily Indicators: Turning Neutral

Weekly Indicators: Neutral

Preferred Strategy: After a tight range, the levels to watch are currently unchanged.

On the downside, below the session low of 108.43 would allow a run back to 108.00/10, a break of which would then find little to hold the dollar up until rising trend support at 107.80 and the 2017 low at 107.32.

On the topside, back above the 108.88 Monday high, resistance will be seen at 109.00 and again at the 9 Feb high of 109.30, above which could see 109.75 and even 110.00+.

Sidelined.

Economic data highlights will include:

Q4 Corporate Goods Price Index

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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