USDJPY: Minor resistance will be seen at 111.35
| 24 Hour: Neutral | Medium Term: Neutral |
US$Jpy has been choppy on Thursday, falling to meet the rising trend support at 111.75 before bouncing to 111.70 and then retreating once more to 111.00 before ending the day at 111.25. The dollar now looks mixed and a neutral stance is required, with direction to be decided by the US data, although there is plenty of Japanese data today as well.
Another downside break of 111.00 would allow a return to the trend support at 110.75, a break of which would find bids at 110.55/65 and possibly to 110.15.
On the topside, minor resistance will be seen at 111.35 and then again at 111.70 and at 111.90/112.00,above which we could see a return to 112.20.
Preferred Strategy: Neutral
Economic data highlights will include:
CPI, Unemployment, Retail Trade
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.
