USD / JPY Trading Outlook
USD/JPY has been slowly moving down off 77.10 highs since yesterday afternoon. It is now approaching the initial support at 76.60 where the price is becoming congested. 76.60 has been a support level for many days if not weeks now. With no US or Japanese news out today the pair may follow the technical levels closely.
USD/JPY has been trading much in the same way; in the range 76.65 to 76.85. The technical levels have been fairly accurate for many days now. Trading Central has a preference to sell below 77.00 with first profit target at 76.60.
USD/JPY tested the high 76’s (as expected) again in the US session and then fell back to 76.65 (initial support). Japan’s ‘all industry activity index’ fell by 0.5%. From a technical stance the levels remain at 77.00 pivot point with a preference sell and 76.60-65 is the initial support. These levels have been in place for some time now.
USD/JPY is trading relatively flat between 76.65-76.85. Swings in the trading sessions yesterday and on Friday saw the pair test 77.40 however there was not enough momentum to move above this level. From a technical stance Trading Central has a preference to sell below the 77.00 pivot point with first profit target at 76.60 (note this has been a pattern in play for some time!).
USD/JPY jumped from 77.05 to 77.44 where it tested the high on an increase in risk appetite hence JPY weakness. 77.40 was also tested on Friday and so far the price has been unable to trade above this. Trading Central has commented that the upside prevails and has a preference to buy above 77.00.
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