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USDJPY: Standstill Persists Above 80.00

USDJPY: Standstill Persists Above 80.00

2011-03-25 02:55:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

Broadly speaking, 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 bullish bias amid current consolidation. With that in mind, the acute uncertainly hanging over prices in the aftermath of the G7 intervention argues strongly for a position on the sidelines until the dust settles and a clear course can be charted.

USDJPY_Standstill_Persists_Above_80.00_body_031711_JPY.png, USDJPY: Standstill Persists Above 80.00

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