Strategy: Flat
USDJPY positioning has been little changed since early August, with prices locked in a narrow range between 76.11 and 77.64. Prices are cautiously probing through support but reading too much into directional conviction here seems ill-advised and we will on the sidelines until a breakout is confirmed by a daily close that pierces either range boundary.
--- 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.
