USDJPY: Minor support will be seen at 111.00 and 110.70

Jim Langlands FX Charts

US$Jpy had a choppy day in falling to a new trend low of 110.23 before climbing steadily to reach a high of 111.73 and then closing at 111.50.

While the dailies still point lower, the 4 hour charts are recovering after having become oversold and further short term gains would not surprise. If so, look for good resistance in the 111.70/80 range, but a break of which could then see a move towards 112.00 and 112.30, which might be a decent sell area if we get there.

On the downside, minor support will be seen at 111.00 and 110.70 ahead of the session low of 110.23. A break of which would then find little support until we reach 109.60, albeit not today. A choppy session in the 111.00/112.00 would not surprise.

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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