USDJPY: Minor support will be seen at 111.45/50

Jim Langlands FX Charts

US$Jpy finally took out 112.00, reaching 112.12, but was unable to hold on to the gains and is ending up at around 111.60 following the release of the FOMC Minutes.

The momentum indicators are mixed on Thursday and a choppy rangebound session within the 111/112 area would not surprise. While the dailies remain rather negative, the 4 hour charts look positive and further short term gains could see another move towards 112.00/10 and then to 112.30, albeit possibly not today, and then to 112.75, which might be a decent sell area if we get there.

On the downside, below the 111.47 session low, minor support will be seen at 111.45/50, a break of which could lead to a run towards 111.00 and then to 110.70 ahead of last Thursday’s low of 110.23.

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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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