USDJPY: Neutral although a minor test of the downside would not surprise

Jim Langlands FX Charts

US$Jpy finished the day lower once again on Thursday, towards the lows of 112.05, trading down in sympathy with the lower stock markets. watch out for the Tankan today.

1 hour/4 hour indicators: Turning lower

Daily Indicators: Neutral

Weekly Indicators: Neutral

Preferred Strategy: As before, while the daily charts remain neutral the short term momentum indicators look heavy on Friday and further downside momentum could now take the dollar back to the recent low of 111.97, below which could give the strong support at 111.75 a nudge. I am neutral today although a minor test of the downside would not surprise.

Economic data highlights will include:

Tankan

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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