USDJPY: Mildly Bullish

Jim Langlands FX Charts

24 Hour: Mildly Bullish

Medium Term: Neutral

Preferred Strategy: Mildly Bullish

US$Jpy has rallied on Tuesday, in line with firmer US treasury yields, and is finishing at session highs following an earlier dip to a low of 110.82.

We are currently sitting right up against strong resistance at 111.95, but with the short term momentum indicators looking positive; a break of 112.00/10 could bring about a quick rally towards 112.40 and possibly back towards 112.85/113.00.

Support now lies at 111.65 and then again at 111.10 although this looks unlikely to be seen ahead of the FOMC. If wrong, a sustained downside break of 111.00 would allow a return to the session low of 110.82 and then towards 110.55/65 and possibly to 110.15.

Economic data highlights will include:

W: BOJ Nakaso Speech

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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