Key Technical Levels
The USD/JPY continues to find itself between the 20-Day SMA at 91.80 and the 100-Day SMA at 90.39 giving scalpers solid support and resistance levels to target. We have seen over the past week that price action has carved out periods of consolidation that would provide opportunities for profits using scalping strategies.
Quantitative Metrics
A narrowing Bollinger band width which currently stands at 306 pips adds to the attractiveness of the USD/JPY as a scalping target. Recent consolidation has seen its ATR trend lower to 92 pips which is near the bottom of the most traded pairs. Additionally, a one week implied volatility of 10.42% is in the lower range of the most traded pairs and a sign that current concentrated price action may continue.
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To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: jrivera@fxcm.com
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