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
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