Key Technical Levels
Charts created using Strategy Trader - Prepared by John Rivera
The 83.50 handle appears to be the line drawn in the sand for bears as it has proven as a formidable barrier. The solid support level could limit downside risks for traders making long scalping opportunities favored. A descending trend line has limited upside potential and is providing target levels to enter and exit positions.
Charts created using Strategy Trader - Prepared by John Rivera
Quantitative Metrics
The USD/JPY has seen its level of variance remain consistently at the bottom of most traded pairs with its Bollinger band width at 297 pips. Daily volatility has also quieted as the pair’s ATR of 82 pips ranks at the bottom of the majors and only accounts for 0.99% of the spot price. Overall, one week implied volatility readings have reflected the markets easing concerns which could limit breakout’s producing a safer scalping environment.
Charts created using Strategy Trader - Prepared by John Rivera
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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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