Strategy: Flat
USDJPY positioning has been little changed since early August, with prices locked in a narrow range between 76.11 and 77.64. A bullish Long White Candle shot higher to test resistance the top of a long-standing falling channel in place since early April, but we see no actionable trade setup until a firm breakout actually materializes and will remain on the sidelines for the time being.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
