USDJPY: Good support seen at 111.60/70

Jim Langlands FX Charts

Preferred Strategy: The dollar traded down to Friday’s lows, today reaching 111.64, before bouncing strongly on news that the supposedly hawkish John Taylor had a positive interview with Donald trump regarding the upcoming Fed Chair vacancy. Currently near session highs of 112.28, the short term momentum indicators now appear set to allow further dollar gains, where 112.75 would be the first real hurdle ahead of 113.00, and 113.43 (6 Oct high). Good support now seen at 111.60/70, and buying dips is preferred today. Further out, the dailies look less positive, so further range trade between 112.00/113.00 may be in store. Buy US$Jpy @ 111.85. SL @ 111.45, TP @ 112.75

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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