USDJPY: will remains within the 112/113 range
Preferred Strategy: US$Jpy remains will within the 112/113 range that we have spoken bout during the week and I suspect we should expect more of the same today, although there may be some pre-weekend safe haven demand, so some mild Yen strength would not surprise. On the topside, resistance will be seen at 113.00, above which, 113.20 would be decent resistance. Above there, unlikely today, 113.43 (6 Oct high), 114.00 and 114.49 (11 July high) would eventually beckon. The dailies rather uncertain of any potential upside momentum, and on the downside, support today should arrive at the session low at around 112.30, below which, the 18 Oct low was at 112.12. Back below 112.00, good support would be at 111.60/70. Buying dips is still preferred near 112.10/30 although further out, with the dailies looking less positive, further range trade near current levels may be in store. Buy US$Jpy @ 112.20. SL @ 111.60, TP @ 113.20.
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.
