Monday has had a tight range of 111.16/46.
The momentum indicators are mixed/neutral again on Tuesday and another choppy, rangebound session, largely confined to the 111/112 area would not surprise. While the dailies remain rather negative, the short term momentum indicators are flat. On the topside, above the Monday high could see a run towards Fridays’ top at 111.84 and then to 112.00/10, which would appear to be toppish for Tuesday, if we get there. Beyond that though leads to 112.30 and then to 112.75, which might be a decent sell area if we ever get there.
On the downside, below 111.00 would lead back to 110.85, which should be strong, and then to 110.60, ahead of last Thursday’s low of 110.23. There are better things to trade while the Yen is chopping around like this.
Economic data highlights will include:
Unemployment, Retail Trade
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