USDJPY: The short term momentum indicators looking a mixed

Jim Langlands FX Charts

USDJPY: 112.29

US$Jpy is a bit lower on Thursday with year-end demand for the Yen negating the US$ strength seen elsewhere.

1 hour/4 hour indicators: Mixed

Daily Indicators: Turning higher

Weekly Indicators: Neutral

Preferred Strategy: As before, a nimble stance is required, with the short term momentum indicators looking a mixed, while the dailies are leaning slightly higher now and buying dips is preferred for the medium term. Look for a range of 111.65/112.80 to cover it today, with further consolidation likely ahead of the US Jobs report, Friday. A break of good support at 111.60 may lead to stops being triggered and lead the dollar back towards 110.85/111.00 although I don’t see it happening today.

Economic data highlights will include:

Leading Economic Index, Coincident Index, Foreign Bond/Stocks Investment

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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