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USDJPY: Standing Aside Amid Volatility

USDJPY: Standing Aside Amid Volatility

2011-03-18 03:15:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

Looking past this week’s knee-jerk price action, USDJPY has done relatively little over the past six months, with prices firmly range-bound between 80.23 and 84.80. A Bullish Engulfing candlestick pattern completed in November has not triggered follow-through nor succumbed to invalidation, hinting at a cautiously upward bias amid current consolidation. With that in mind, the day-to-day volatility we have seen recently argues strongly for a position on the sidelines until the dust settles and a clear course can be charted.

USDJPY_Standing_Aside_Amid_Volatility_body_031711_JPY.png, USDJPY: Standing Aside Amid Volatility

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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