USDJPY: Minor resistance will be seen at 111.45

Jim Langlands FX Charts

24 Hour: Neutral

Medium Term: Neutral

US$Jpy took out some strong resistance levels in trading up to 112.19 ahead of the Fed, but then fell hard, reaching a low of 111.05 before closing the day at 111.25.

The dollar now looks heavy, and a downside break of 111.00 would allow a return to the previous session low of 110.82, the trend support at 110.75 and then towards 110.55/65 and possibly to 110.15.

On the topside, minor resistance will be seen at 111.45 and then again at 111.85. 112.00 looks unlikely to be revisited today but if wrong, we could see a return to 112.20.

Preferred Strategy: Neutral

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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