USDJPY: Resistance will be seen at 111.35/50

Jim Langlands FX Charts

US$Jpy has had a big session on the back of the improvement in risk sentiment following the French election result, rising from a low of 109.58 to currently sit just under the high of 111.18.

The short term momentum indicators are now becoming overbought and upside momentum may slow somewhat from here although the dailies look constructive, so buying dips seems to be the plan. Bids should arrive in the 110.70/50 area, below which may signal a reversal lower although this does not seem likely at this stage. On the topside, resistance will be seen at 111.35/50, above which would see further good selling interest at 111.75, ahead of 112.00. Buying dips is preferred.

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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