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USDJPY: Range Gives Way to Downward Drift

USDJPY: Range Gives Way to Downward Drift

2012-07-20 10:02:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Ourlong USDJPY positionwas stopped out with a small loss as prices closed below 78.96. Prices are now testing support at 78.35, with a break lower exposing the June 1 low at 77.65. Near-term trend line resistance comes in at 79.51. Positioning doesn’t offer a compelling trend setup here and we will wait for something more attractive to present itself.

USDJPY_Range_Gives_Way_to_Downward_Drift_body_Picture_5.png, USDJPY: Range Gives Way to Downward Drift

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya 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

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