US$Jpy jumped to a session high after the release of the FOMC Minutes (112.60) but has since fallen back to sit at levels similar to yesterdays, leaving the range-trade outlook unchanged.
1 hour/4 hour indicators: Turning higher.
Daily Indicators: Neutral
Weekly Indicators: Neutral
Preferred Strategy: The dailies seem to suggest that we are likely to see further decent support at 111.95/05, which I think will hold today, but below which would open the way to the 200 DMA at 111.65.
On the other hand the short term momentum indicators are more positive and if 112.60 can be overcome we could then see a return to 112.80 and possibly on to 113.00 and above, where 113.30/35 should see sellers ahead of the December high of 113.75.
Most likely a range of 112.00/113.00 would not surprise for the coming session.
Range trade@ 112.00/113.00. SL 30 points either side.
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.