USDJPY: Buying dips is preferred

Jim Langlands FX Charts

Preferred Strategy: The dollar ended the week below 112.00, reaching 111.68 after the CPI miss, and for the time being it looks heavy with a chance of heading towards the strong support at 111.10. As I said before, I think the dollar will eventually head higher, so buying dips is preferred although that seems unlikely to happen in the next few sessions. For today, 111.10/112.00 would seem to have it covered.

Economic data highlights will include:

M: Industrial Production, Capacity Utilisation

T: Trade Balance, Foreign Bond/Stocks Investment, All Industry Activity 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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