USDJPY: The dailies remain rather negative

Jim Langlands FX Charts

US$Jpy has had a rangebound session (111.46/95) leaving the outlook unchanged.

The momentum indicators are mixed/neutral on Friday and another choppy rangebound session within the 111/112 area would not surprise. While the dailies remain rather negative, the 4 hour charts may be hinting at a mild squeeze to the topside, 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 111.45, there is little to prop the dollar up until 111.00, a break of which would lead to 110.85 and 110.60 ahead of last Thursday’s low of 110.23.

Economic data highlights will include:

Japan CPI

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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