USDJPY: Buying dips towards 109.80/110.00

Jim Langlands FX Charts

US$Jpy has been choppy on Wednesday, shrugging off the US/N Korea concerns, trading either side of the 200 DMA at 110.15, with more of the same looking likely although, with US yields looking strong, the dollar should now head higher.

1 hour/4 hour indicators:Mixed.

Daily Indicators: Turning higher?

Weekly Indicators: Turning higher

Preferred Strategy: The momentum indicators are rather mixed heading into Thursday, a cautious stance is required, but buying dips, towards 109.80/110.00 today, remains the plan.

If the dollar does head higher, then above 110.50, look for a run towards 110.85 (76.4% of 114.73/104.60). Beyond there, 111.00 would attract, above which there is not a lot of resistance ahead of 111.45/50.

The initial support will arrive at 110.15/00 ahead of 109.80 and the 100 WMA at 109.45 and then 109.20/15.

Sidelined – look to buy dips with SL under the 100 WMA at 109.50.

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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