USD/JPY’s Test of Support Offers Scalping Opportunity
Key Technical Levels
Absent the volatility that was generated by the issues in Europe the psychological level of 92.00 has held as a support line since 3/24 which may limit downside risks for the pair. Meanwhile, an intra-day rising trend line is providing a target for entering and exiting postions.
Debt crisis inspired volatility saw the USD/JPY’s ATR spike but recent consolidation has the daily range condensing. At 134 pips the pair’s volatility remains in the middle of the most active pairs. The Bollinger band width for the dollar/yen also finds itself near the middle of the pack and at 386 pips is wide enough to cause concern.
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